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May 31, 2020
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Bixby Land Closes $18 Mil OC Industrial Buy


Bixby Land Company picked up a 121.3k sf industrial building in Anaheim in a recent, $18.2 mil ($150/sf) all-cash purchase. The property is 100% occupied on a long-term lease by Blue Line Foodservice, a privately-held international supply chain solutions provider. The tenant utilizes the Allec Street distribution facility to serve area Little Caesars restaurants.

The property is situated on 5.3 acres at 1400 Allec St, within Anaheimís Platinum Triangle. It is located within one mile of the I-5 Fwy interchange.

The acquisition follows a deliberate increase in core industrial investments by Bixby, who seeks leased, institutional grade industrial projects in the $5 mil to $50 mil range in primary West Coast markets, alng with Arizona and Nevada. The firm has acquired over $100 mil of industrial product during the last 24 months.

Jeff Chiate, Jeff Cole, and Rick Ellison at Cushman Wakefield represented the seller, Alere Property Group, in the transaction; Bixby was self-represented.

Demand for industrial space in the area is high; CBRE reports a 1.6% industrial vacancy in Anaheim as of the second quarter of 2016. The broader North Orange County market is 2.1% vacant, and with just 219k sf in development.

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