The acquisition, which was the 12th purchase in Bixby's coreindustrial portfolio over the past 18 months, add an "institutionalquality 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 IrvineBusiness Complex and situated on approximately six acres of land.The property is 100% occupied on long-term triple-net leases toParagon Luggage Inc. and Sterling Motors Collision Center. ParagonLuggage, which leases 56,100 sf, is one of the largest independentglobal manufacturers of luggage and travel products. SterlingCollision Center, the only BMW factory certified collision repaircenter in Central Orange County, leases 58,400 sf.

Severson comments that the current supply-constrained market inTustin, a highly developed infill market, "will promote high demandfor future leasing." He says the property also benefits from itslocation near Orange County freeways, the John Wayne Airport,restaurants, banks, hotels, shopping centers and employee andexecutive housing.

Features of the facility include an excellent use of skylightsallowing tenants to significantly reduce lighting costs, aclearance height of 30 feet, 14 dock high doors, three ground leveldoors and high-image lobbies. "The industrial market in OrangeCounty continues to perform well," with tight vacancy levels andsteady activity," Severson observes. He says that Bixby "willremain an active investor in strong markets such as Orange Countyfor our core portfolio."