This joint venture is pouring $400M into the U.S. industrial market

Newport Beach-based Bixby will lead the duo, which targets 4 states

Feb.February 21, 2018 11:21 AM
Bixby’s Mike Severson and 1400 Allec Street (Credit: Bixby)

Newport Beach-based Bixby Land Company is leading a joint venture to acquire up to $400 million in industrial properties in California and four other states. It was not known which specific areas — if any — the team was targeting but in Greater Los Angeles, demand for industrial space is outstripping the already accelerated pace of new construction.

Bixby, a real estate investment trust, and AXA Investment Managers real assets’ unit will acquire properties in the next two to three years. The joint venture, led by Bixby’s Mike Severson — chief acquisitions officer — will target properties in the $10 million to $40 million range in California, Arizona, Nevada, Oregon and Washington.

Bixby has already purchased two industrial properties for a combined $27 million, according to details in the release. It owns and manages approximately $1 billion in industrial and office properties.

In California, the firm recently acquired a 121,300-square-foot property in Anaheim, as well as a 160,000-square-foot building in Cypress.

The firm also unloaded one of its assets at 16200 Trojan Way in La Mirada for $17.4 million earlier this month, according to Real Capital Analytics records. Ottogi America, the U.S. arm of South Korean food producer Ottogi, paid for the property with financing from Shinhan Bank.

Related Articles

6277 E. Slauson Avenue, and from left: Prologis CEO Hamid Moghadam and Rexford Industrial co-CEOs Howard Schwimmer and Michael Frankel (Credit: Google Maps)

Rexford buys industrial property from Prologis for $41M

NAI Capital Vice President of Research, Marketing, and Communications J.C. Casillas and the Port of Los Angeles (Credit: iStock)

LA’s industrial market may be at max capacity

Transwestern CEO Carleton Riser and the Inland Empire property

Inland Empire’s industrial reign continues as Transwestern buys massive Eastvale warehouse site

Terreno Realty Chairman & CEO W. Blake Baird

Terreno Realty makes another industrial play in LA

From left: Prologis CEO Hamid Moghadam, and Randall L. Stephenson, chairman and CEO of AT&T Inc, with the site

Industrial powerhouse Prologis picks up 11-acre property in Commerce

ASB CEO Robert Bellinger and Columbia Business Park

This industrial deal was one of the biggest acquisitions ever in Inland Empire

CIO Matt Evans, COO Alan Kraft and Todd Platt, CEO of Hillwood with Dedeaux Sycamore Canyon Distribution Park

Dedeaux Properties buys 1M sf industrial portfolio in Inland Empire

Lonzo Ball and the warehouse (Credit: Getty Images)

This just-traded LA Laker just sold his South LA warehouse