Rexford Industrial Acquires Industrial Property for $12.2 Million

Rexford Industrial Realty, Inc. (the "Company" or "Rexford Industrial")

, a real estate investment trust focused on owning and operating industrial properties located in Southern California infill markets, today announced the acquisition of 6020 Sheila Street, a single tenant industrial building located in central Los Angeles, for $12.2 million, or approximately $172 per square foot. The acquisition was funded with cash on hand and borrowings under the Company's line of credit. "This well-located industrial property acquisition is a highly functional, modern vintage cold storage facility that demonstrates our ability to source off market, best-in-class investments at attractive returns" said Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. "Located in high-demand City of Commerce, we consummated a lease during escrow with an existing Rexford tenant for the entire space under a new, 10-year triple net lease. This acquisition provides an accretive opportunity to achieve above-market stabilized returns in a supply constrained market and brings our year-to-date acquisition volume to over $162 million." 6020 Sheila Street is a single tenant cooler/freezer building containing 70,877 square feet on 2.91 acres of land in City of Commerce, California. The building features 36' clear height cubic storage capacity with 12 dock-high loading doors. The property is located in the Central Los Angeles submarket. According to CBRE, the vacancy rate in the 160 million square foot Central Los Angeles submarket was 1.8% at the end of the second quarter of 2015.