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.