Bixby Land Company acquires Riverside at 51st
Bixby Land Company, a Newport Beach, California-based investor, has recently acquired two Class A industrial properties totaling $60.5M in Phoenix, AZ and West Sacramento, CA.
The Class-A distribution center located at 2300 South 51st Avenue in Phoenix, Arizona, is a 335,450 square foot industrial building identified as Riverside at 51st. The building is currently occupied by Frito Lay, Olympian Moving, Nivel Parts and Discount Tire.
Will Strong of Cushman & Wakefield represented both the buyer, Bixby Land Company, and the seller, Pacifica Real Estate Group.
In a separate, off-market transaction, Bixby acquired a 387,400 square foot Class-A distribution building located at 3510 Carlin Drive in West Sacramento. The building was constructed in 2018 as a built-to-suit for Veritiv Corporation (NYSE: VRTV) 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 Bixby to acquire $400 million 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 million to $50 million range in the Western U.S.