The slowdown in CRE transactions in the second half of last year was reflected in the reduced volume of Rexford Industrial Realty's acquisitions binge in Southern California, where the REIT has been scooping up tranches of infill properties in mostly cash transactions for the past two years.
Last week, Rexford reported that its total industrial acquisitions tally for 2023 was $1.5B, which still qualifies as a binge but is almost 40% lower than the $2.4B total for 2022.
Rexford continued the torrid 2022 pace in the first quarter of 2023, vacuuming up another $762M in SoCal industrial infill sites, zeroing in on off-market and lightly marketed targets, many with tenants paying below-market rents, and scooping them up in cash-fueled deals.
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