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Bixby, AXA Teaming Up to Acquire $400 Million in Western US Logistics Properties

Joint Venture with Europe-Based Investment Manager Seeks Industrial Properties of Up to $40 Million in Five States
February 21, 2018
Bixby Land Co., which is partnering with AXA, recently acquired a nearly 150,000-square-foot logistics facility in Phoenix's West 10 Business Center.

Newport Beach, CA-based Bixby Land Co. has teamed with the real assets division of Paris-based AXA Investment Managers to target up to $400 million in acquisitions in the blazing hot industrial real estate sector.

Through the joint venture, the companies will target mid-size, leased properties in the $10 million to $40 million price range, roughly in line with Bixby's acquisition criteria, which includes properties in major California markets as well as in Phoenix, Seattle, Portland and Las Vegas. Industrial properties comprise the bulk of the 6 million square feet of commercial assets controlled by the privately held Southern California REIT and investment manager.

Most recently, Bixby acquired a fully leased 146,663-square-foot industrial building in Phoenix for just under $10 million in cash.

AXA Investment Managers, one of Europe's largest asset managers with approximately US $901 billion in assets as of September 2017, has $91 billion under management in the U.S. The real assets division, which will invest with Bixby on behalf of an unnamed client, holds a majority interest in the venture.

Bixby has already contributed two industrial investments totaling $27 million to the venture, and plans to source additional core and core-plus properties through its existing real estate operations and acquisitions pipeline.

The new venture marks a ramp up in Bixby’s third-party institutional investment management business and will increase the capacity of the company, which has roots dating back to the mid-1850s in California ranching, agriculture and mining, to accelerate its acquisition of industrial properties in Western markets, the company said in a release.

The venture "enables us to consider a higher volume of acquisition opportunities in markets where we have strong relationships, deep market knowledge and a long history of investment activity," according to Mike Severson, executive vice president and chief acquisitions officer at Bixby, who will lead all acquisitions for the venture.

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