Bixby Land Buys Four Industrial Properties for $58M

Halford

IRVINE, CA-Locally based Bixby Land Co. has acquired four class A industrial properties in Southern California and Nevada totaling 850,000 square feet for $58 million. The acquisitions increase the company’s wholly owned portfolio to more than five million square feet and point to Bixby’s increasing investment activity as California property markets show signs of improvement.

Bill Halford, president and CEO of Bixby Land, commented in an announcement regarding the deals: “Our investment in these high-quality properties is a reflection of our confidence in the recovery of commercial real estate, in particular the industrial sector, as demand for space increases and values recover.” Halford continued, “These are institutional quality buildings leased to national and strong regional tenants.”

Empire Center

Empire Business Center, which Bixby bought for $29.45 million, is the largest of the four properties and is located in Mira Loma, in the Inland Empire. The property is fully leased with several national tenants, including Nextel, Owens Corning and Eaton.

The second acquisition, 16200 Trojan Way, is located in La Mirada, in the Mid-Cities submarket of Los Angeles. The property is a 107,000-square-foot industrial building that is 100% leased to Diversified Printers and was purchased for $10.6 million.

Bixby’s third acquisition is located at 7600 Eastgate Rd. in Henderson, NV, and totals 129,000 square feet. The property is 100% leased to Levi Strauss and was purchased for $8.25 million.

The company has also acquired 4335 Arcata in Las Vegas, a 220,000-square-foot industrial building that is 100% leased to Moen. Bixby paid $9.75 million in that transaction.

Bixby Land Company represented itself in each of the acquisitions. The company is a vertically integrated real estate investor and operator focused on core and value add opportunities primarily in California.

“We are increasingly focused on value add investment opportunities as market fundamentals improve,” said Halford. “The velocity of value add investment opportunities is steadily increasing, and properties can now be acquired in select markets at a historically attractive cost basis and repositioned to core assets. Given our integrated operating platform and available cash to invest, we are very focused on these opportunities.”