Rexford Industrial Realty buys properties for $1 bln from Blackstone Real Estate

Rexford Industrial Realty REXR, a real estate investment trust (REIT), said on Thursday it had acquired industrial properties for $1 billion from Blackstone Real Estate BX.

Rexford has acquired about 3 million square feet of industrial properties located in Southern California for about $332 per square foot on average.

The investment was funded using proceeds from Rexford Industrial's exchangeable senior note offerings and cash on hand.