Rexford Sells $1.3B in SoCal Industrial Assets as Leasing Rebounds

Rexford Industrial Realty closed $1.3 billion of property sales in the third quarter, covering 25 properties and 5.5 million square feet. The total includes the earlier-announced $1.2 billion sale to EQT Real Estate, and three properties of about 251,000 square feet went to owner-users for $86 million. Sales for the year reach $1.5 billion against a $2 billion realignment plan, and CEO Laura Clark expects most of the remaining $500 million to close by year-end, though higher Treasury yields could complicate deals. Rexford made no acquisitions in the quarter.

It signed 116 leases covering 3.74 million square feet. Same-property occupancy was 96.9 percent, up from 94.9 percent in the second quarter. Revenue was $239.1 million.