IPE – the Editors of IPE – January 23, 2019 – AXA Investment Managers - Real Assets has bought a $33m (€29.1m) logistics building in California through its Western US logistics properties investment partnership with Bixby Land Company.
The $400m joint venture partnership, created a year ago, has bought the newly built 340,000sqft asset in San Bernardino from an undisclosed vendor.
The asset is located in the Inland Empire at 4982 Hallmark Parkway, one of the pre-eminent industrial markets in the US.
Matt Ela, Bixby’s vice president in charge of acquisitions, said: “The Inland Empire industrial market is one of the strongest in the country. We believe that the quality and location of this asset will attract high calibre tenancy and will ultimately result in solid risk adjusted returns.”
California-based Bixby said it is actively seeking additional industrial investment opportunities in the $5m and $50m range.
In February last year, AXA IM - Real Assets and Bixby partnered to buy logistics properties in the Western US.
AXA IM - Real Assets, which is investing on behalf of one of its clients, is the majority shareholder in the joint venture and Bixby will act, in an exclusive capacity, as property and asset manager.
The partnership previously bought two industrial warehouses in Phoenix, Arizona and West Sacramento, California.