March 28 (Reuters) - 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.

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.