TUSTIN, CA-Bixby Land Co. has acquired a 114,500-sf distribution building here for $18.5 million, bringing the value of the Irvine-based private REIT’s industrial portfolio to more than $300 million. The company bought the property, which is at 1111 Bell Ave., as a net-leased investment and a core asset in its industrial portfolio.

The acquisition, which was the 12th purchase in Bixby’s core industrial portfolio over the past 18 months, add an “institutional quality investment fits our core strategy,” comments Mike Severson, vice president of acquisitions and development for Bixby Land. Developed by Investment Building Group of Newport Beach in 2005, the class A distribution facility is located within the Irvine Business Complex and situated on approximately six acres of land. The property is 100% occupied on long-term triple-net leases to Paragon Luggage Inc. and Sterling Motors Collision Center. Paragon Luggage, which leases 56,100 sf, is one of the largest independent global manufacturers of luggage and travel products. Sterling Collision Center, the only BMW factory certified collision repair center in Central Orange County, leases 58,400 sf.

Severson comments that the current supply-constrained market in Tustin, a highly developed infill market, “will promote high demand for future leasing.” He says the property also benefits from its location near Orange County freeways, the John Wayne Airport, restaurants, banks, hotels, shopping centers and employee and executive housing.

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