$12.4 million purchase in Sacramento’s Southport Business Park extends Bixby’s core industrial investment activity
Newport Beach and Sacramento, Calif. Bixby Land Company adds to its industrial portfolio with the $12.4 million all-cash purchase of 2959 Thomas Place, a newly-built, 138,455-square-foot industrial building in West Sacramento, Calif. The building was fully-leased at the time of sale, and represents the institutional investment quality of industrial assets Bixby continues to acquire in Western U.S. markets.
“Our industrial investment focus is centered on assets similar to this project, where we can acquire leased, well-located buildings in primary and strong secondary markets in the West,” said Mike Severson, executive vice president and chief acquisitions officer of Bixby Land Company.
West Sacramento has emerged as a premier industrial submarket in the region, proximate to the I-5 and I-80 Freeway interchange, the Sacramento River Deep Water Shipping Channel, Downtown Sacramento and the Sacramento International Airport.
The building is designed to meet modern supply chain distribution needs, and is 100 percent leased to two tenants, Core-Mark and Worm’s Way. The project is located in Southport Business Park, a master-planned industrial park also occupied by Safeway, General Electric, HD Supply, Nippon Shokken and Old Dominion Freight Lines. Building improvements include a 30-foot clear height, ample dock-high and grade-level loading capabilities, skylights and installed LED lighting, and an energy efficient roofing system.
“This is a good proxy for the industrial investments we are committed to making in the $10 million to $50 million range,” added Severson. Separately, Bixby recently hired Matt Ela as vice president of acquisitions to bolster its investment capacity.
Bixby purchased the building from developer Ridge Capital, who was represented by Bo Mills at JLL; Bixby was self-represented in the transaction.
