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Rexford Industrial Realty to buy Calif. industrial portfolio for $210M

Rexford Industrial Realty Inc. agreed to buy 11 industrial properties in Southern California for a total of $210 million, including assumed debt, in a deal expected to close no later than April 21, 2020.

The sellers may opt to be paid in cash; common units of limited partnership interests in Rexford Industrial Realty LP; or a newly created class of 4.00% cumulative redeemable convertible preferred units of partnership interest in the operating partnership, with the latter two based on a common stock price of $45.00. The sellers may also elect to receive the purchase consideration in any combination of the aforementioned cash, common units or preferred unit options.