Los Angeles Business Journal

Rexford Industrial Prices IPO

By Jonathan Polakoff Originally published July 9, 2013 at 2:30 p.m., updated July 31, 2013 at 5 p.m.

EDITOR'S NOTE: This story has been corrected to clarify the type of properties that Rexford Industrial invests in.

Rexford Industrial Realty on Tuesday announced the pricing range for its upcoming initial public offering.

The Brentwood real estate investment trust will offer 16 million shares at an estimated price of $13 to $15 a share. The company first disclosed plans to raise as much as $300 million in a May filing with the SEC.

Rexford specializes in industrial space in Southern California infill markets.

The date of the IPO has not been announced. But before the offering, Rexford plans to have interests in 61 properties with about 6.7 million rentable square feet in addition to 20 managed properties with about 1.2 million rentable square feet.

Rexford was founded by its chairman, Southern California real estate tycoon Richard Ziman. It is run by co-chief executives Howard Schwimmer and Michael Frankel.

The stock will trade under the ticker REXR on the New York Stock Exchange.