04:42 PM EDT, 03/28/2024 (MT Newswires) -- Rexford Industrial Realty ( REXR ) has acquired more than 3 million square feet of industrial properties in southern California through a series of transactions with alternative asset manager Blackstone for a combined $1 billion, the real estate investment trust said on Thursday.

The acquired portfolio includes 48 properties in Los Angeles and adjacent Orange County and was funded using proceeds from a recent offering of exchangeable senior notes and cash on hand. The properties are 98% leased, Rexford said, and are expected to generate a weighted average cash yield of 4.7%.