Rexford Industrial Announces Lease-Up of 275,000-Square-Foot, Value-Add-Repositioned Project

Core Viewpoint - Rexford Industrial Realty, Inc. has successfully leased a newly repositioned industrial property in Ontario, California, demonstrating its strategic focus on value creation and operational excellence in the Southern California market [1][2][3]. Company Overview - Rexford Industrial is a real estate investment trust (REIT) that specializes in investing, operating, and redeveloping industrial properties in infill Southern California, which is recognized as the fourth largest industrial market globally and the highest-demand, lowest-supply major market in the U.S. [4]. - The company manages a portfolio of 422 properties, totaling approximately 49.7 million rentable square feet, occupied by a diverse and stable tenant base [4]. Recent Developments - The recently leased property at 500 Dupont Avenue spans 274,885 square feet and is leased to a third-party logistics (3PL) provider, with the lease set to commence in October 2024 [2]. - The value-add project included significant upgrades such as building modernization, dock-high loading expansion, upgraded fire sprinklers, new office construction, and a secured container storage yard [2]. - The project is anticipated to stabilize at an unlevered stabilized yield of 5.5%, consistent with previous estimates provided in the company's second quarter financial reporting [2]. Strategic Focus - The company emphasizes its strong execution and informational advantage, which it believes will continue to differentiate its portfolio and drive long-term shareholder value [3].