Rexford Industrial Realty completed the acquisition of 48 warehouses in Southern California from Blackstone for $1bn.

Rexford Industrial Realty, industrial real estate firm in Southern California, completed the acquisition of 48 warehouses in Southern California from Blackstone Property Partners, a real estate core plus fund, Blackstone Real Estate Partners, an investment management and advisory services company, and Blackstone Real Estate Income Trust, a perpetual-life, institutional quality real estate investment platform, for $1bn. “These strategic investments in exceptionally well-located, high-quality assets within infill Southern California, the nation’s highest-barrier and lowest supply industrial market, represent a significant opportunity to drive accretive cash flow growth, increased operating margins and long-term value creation. With these transactions, we are pleased to further our Blackstone relationship, and look forward to identifying opportunities for future collaboration. Looking forward, our total pipeline comprises approximately $300 million of investments under contract or accepted offer, bringing the aggregate year-to-date $1.4 billion of investments completed or in the pipeline, to a weighted average 5.0% anticipated initial unlevered cash yield and anticipated 5.7% stabilized unlevered cash yield," Howard Schwimmer and Michael Frankel, Rexford Industrial Realty Co-Chief Executive Officers.