Blackstone Real Estate has sold around three million square feet of industrial properties through two separate transactions to Rexford Industrial Realty for $1 billion, or $332 per square foot.
The combined portfolio comprises 48 properties that are 98% leased. Nearly all of the assets are located within core, infill submarkets in Los Angeles and Orange counties.
The deal is expected to generate a weighted average initial unlevered cash yield of 4.7% and an anticipated stabilized unlevered cash yield of 5.6%. Rexford Industrial funded the purchase using proceeds from its recent exchangeable senior note offerings and cash on hand.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
