REXFORD INDUSTRIAL ANNOUNCES COMPLETION OF INDUSTRIAL BUSINESS PARK IN CITY OF INDUSTRY, CA

City of Industry, CA – January 9, 2008

Rexford Industrial, LLC, Southern California’s leading, privately held industrial real estate firm, has completed the final phase of the redevelopment of Rexford Industry Center, a 241,428-square-foot multi-tenant industrial project on 11.52 acres, located at 15241-15277 & 15317-15339 Don Julian Road in the City of Industry, CA.

Rexford converted an outmoded 147,370-square-foot manufacturing building on the site into a modern, highly functional multi-tenant distribution facility, and constructed an additional 94,000-square-foot multi-tenant distribution facility on excess land. Both buildings now offer like-new, fully amenitized, ‘class A’ spaces catering to midsize tenants. The new building is fully leased, and the repositioned older building is approximately 79% leased only one month after completing the final phase of its renovations. Active pre-leasing included a 63-month lease of a 22,600-square-foot unit to Win-Jet, a local auto-part distributor, and a 37-month lease with Castline, a toy distributor. Overall, the new leases are locking in rents well in excess of rates projected at the time of acquisition.

“This project offers an outstanding example of Rexford’s successful strategy of redevelopment and repositioning to add tremendous value to an under-utilized property,” said Howard Schwimmer, Rexford’s managing member and partner. “In this case, we are offering state-of-the-art office and distribution spaces to an underserved market: small distribution users who can take advantage of two-to-three dock spots for units that range in size from 8,000 to 22,000 square feet. The pre-leasing activity has confirmed that we are delivering space in line with the market’s current appetite,” he added.

The subject property on Don Julian Road was acquired by Rexford’s Rexford Industrial Fund I, which was the first in a series of successful value-add industrial real estate investment funds, and has acquired approximately 1.5 million feet of product. Rexford currently operates more than 5 million square feet of property, valued at more than $600 million. Rexford is currently targeting the acquisition of more than $400 million of industrial properties, principally for its third and fourth funds.

Rexford Industrial specializes in every type of industrial property in all asset classes, from warehouse, manufacturing and R&D to flex industrial, including single and multi-tenant projects. The company invests in every category of industrial property—core, value-add, repositioning and development.

About Rexford Industrial
Rexford Industrial LLC (www.rexfordindustrial.com) is a leading industrial real estate firm in Southern California. A well-capitalized private investment company, Rexford invests in all classes and every category of industrial properties. The company combines a uniquely creative, entrepreneurial approach to value creation with a conservative, risk-averse approach to investing that is designed to perform well during all phases of the real estate cycle. Rexford offers brokers unique investment incentives and capitalizes upon an exceptional network of loyal relationships in the industry. With a current portfolio of over five million square feet valued at more than $600 million, Rexford is targeting substantial growth through further acquisitions of industrial property. The firm is based in Los Angeles.