NEWPORT BEACH, Calif. & SAN BERNARDINO, Calif.--(BUSINESS WIRE)--Bixby Land Company (a California-based investor) in joint venture with AXA Investment Managers - Real Assets, acting on behalf of clients, have acquired a vacant, 340,000 square foot, Class A, industrial building in San Bernardino, California, for $33 million.
Located in the Inland Empire at 4982 Hallmark Parkway, this newly built, Class A property is situated in one of the preeminent industrial markets in the nation. The Inland Empire is experiencing record demand, low vacancy and dynamic rental growth as tenants spanning multiple industries have identified this market as a strategic location for growth.
“The Inland Empire Industrial Market is one of the strongest in the country,” said Bixby’s Matt Ela, Vice President, Acquisitions. “We believe that the quality and location of this asset will attract high caliber tenancy and will ultimately result in solid risk adjusted returns.”
This purchase is part of a joint venture with AXA Investment Managers – Real Assets to aggregate $400 million of industrial assets across the Western U.S. Bixby is actively seeking additional industrial investment opportunities in the $5 and $50 million range.
Bixby was represented by HFF Managing Director Andrew Briner and Senior Director Michael Roberts. The seller was represented by CBRE.
To learn more, visit www.bixbyland.com.
About Bixby Land Company
Bixby Land Company is a leading commercial real estate owner, operator and investment manager with over $1 billion of assets under management. The company develops and invests in industrial, office and R&D properties throughout the Western U.S. For over 120 years, Bixby Land Company has been committed to adding value for its shareholders and investors. To learn more, visit www.bixbyland.com .