Bixby Capital Buys Dallas, Nashville Industrial Properties

The uncertainty surrounding tariffs didn’t scare Bixby Capital Management out of its latest purchase.

The Newport Beach-based investor recently picked up a 460,000-square-foot industrial portfolio with properties near Dallas and Nashville, CBRE said in a release. Bixby paid $84.25 million for the four buildings, which comes out to almost $182 per square foot.

CBRE’s Brian Linnihan, Mike Ryan, Richard Henry and JP Cordeiro arranged the financing for the purchase. Lender PCCP provided a $61.8 million floating-rate loan.

The portfolio includes Red River Business Park, at 900 Arthurs Lane, in the Dallas suburb of Lewisville. It’s about 21 miles northwest of downtown Dallas and just 10 miles from DFW Airport. The complex was developed by Houston-based Hines and features three buildings spanning 241,000 square feet. It was 56 percent occupied by three unnamed tenants at the time of the financing.

Bixby also purchased Alligood Building 3, at 200 Alligood Way, in Lebanon, Tennessee, which is about 22 miles from downtown Nashville. The 222,000-square-foot building is part of the Alligood Industrial Park. It was vacant when financing was secured.

Both properties were delivered last year.

Dallas-Fort Worth led the nation in absorption of industrial space in the first quarter, according to CBRE Research. The market surpassed 4 million square feet of net absorption. Dallas-Fort Worth ranked second behind Phoenix in the size of its industrial pipeline, with 11.1 million square feet.

The vacancy rate in DFW was 9.1 percent in the first quarter, above the national average of 6.3 percent.

Meanwhile, industrial property sales are strong in North Texas.

Over the last 12 months, there were 787 industrial property sales in DFW totalling $1.3 billion, CBRE reported, citing CoStar Capital Market Analytics. The average sales price for these transactions was $129 per square foot.