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9/24/18
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Bixby Land Company recently acquired two Class A industrial properties totaling 723k sf for $60.5 mil ($84/sf). The properties are located in Phoenix, AZ and West Sacramento, CA.
In Phoenix, Bixby purchased a 335.5k sf, Class A distribution center located at 2300 South 51st Ave. The building is currently occupied by Frito Lay, Olympian Moving, Nivel Parts and Discount Tire. Will Strong of Cushman & Wakefield represented Bixby Land and the seller, Pacifica Real Estate Group.
In a separate, off-market transaction, Bixby acquired a 387.4k sf, Class-A distribution building located at 3510 Carlin Drive in West Sacramento. The building was constructed in 2018 as a build-to-suit for Veritiv Corporation, which has leased it for 12 years. Bo Mills and Mark Detmer of Jones Lang LaSalle represented the seller.
Both of these acquisitions are part of the strategic investment initiative by Newport Beach-based Bixby to acquire $400 mil in leased warehouse distribution buildings in the Western U.S. over the next several years as part of its industrial investment venture with AXA Investment Managers – Real Assets. Bixby continues to actively seek institutional grade industrial investments ranging from $5 mil to $50 mil range in the Western U.S.
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