September 26, 2018
Newport Beach, CA-based Bixby Land Company acquired two Class A industrial properties for $60.5 million. One asset is located in Phoenix, while the other is in West Sacramento, CA.
The Phoenix Class A distribution center is located at 2300 South 51st Ave. (pictured), and includes 335,450 square feet of industrial space identified as Riverside at 51st. The building is currently occupied by Frito Lay, Olympian Moving, Nivel Parts and Discount Tire. Cushman & Wakefield’s Will Strong represented both the buyer, as well as the seller, Pacifica Real Estate Group.
In a separate, off-market transaction, Bixby acquired a 387,400-square-foot Class A distribution building located at 3510 Carlin Dr. in West Sacramento. The building was constructed in 2018 as a build-to-suit for Veritiv Corporation, which has leased it for 12 years. JLL’s Bo Mills and Mark Detmer represented the seller.
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