Rexford Industrial closes fifth real estate fund
Rexford Industrial has closed its fifth private equity real estate investment fund, Rexford Industrial Fund V Reit (RIF V).
The fund closed with USD127m in capital commitments and has already acquired 2.6 million square feet of industrial property principally located in infill Southern California.
Rexford targets the acquisition of industrial property principally located in the 1.8 billion square-foot infill Southern California market, including greater Los Angeles and Orange Counties.
RIF V has over USD225m of acquisitions capacity to be invested over the next 18 months.
"Rexford is pursuing an aggressive expansion by acquiring industrial property in prime infill Southern California locations," says Michael S. Frankel, Rexford's managing partner. "We remain focused on infill Southern California industrial markets due to their superior tenant demand fundamentals where we can leverage our thirty-year history and established originations methods to access property investments at favourable values."
To date, RIF V has acquired over USD154m of industrial properties located throughout infill Southern California. Among these is Mission Oaks Industrial Park, a 1.2 million square foot industrial complex located in Oxnard, California with major tenants including Deckers Footwear and Technicolor Entertainment. Rexford operates over 7.0 million square feet of industrial property, principally in infill Southern California.