Bixby Land Company, an Orange County, California-based commercial real estate owner, operator, and investor, has recently recapitalized a 5-property portfolio and sold one additional building in transactions totaling $125 million. Proceeds from the disposition activity resulted in the acquisition of four Class A industrial properties totaling approximately 1.2 million square feet. This $128 million investment confirms Bixby's continued commitment to expansion within Tier I and Tier II emerging markets throughout the Southeast.
"Our investment in these high-quality industrial properties demonstrates our strategic focus on portfolio growth in the Southeast," said Matt Ela, Vice President of Operations at Bixby Land Company, based in their Dallas office. "Three years ago, we did not own assets outside the Western U.S.; currently our geographic expansion into diverse Sunbelt and Southeast markets represents approximately 30% of our portfolio," said Ela.
Bixby Land Company's largest 2021 acquisition was the off-market purchase of 185 & 195 Innovation Way, located in Newnan, Georgia. The two-building 403,000 square foot industrial property built in 2020 is the fourth Bixby acquisition in the South Atlanta market.
Targeted for its e-commerce occupier potential, Bixby Land Company acquired two Memphis market properties in off-market transactions. Built in 2020, 1453 Commerce Parkway in Horn Lake, Mississippi, is a 328,000 square foot industrial building identified as DeSoto 55 (Building 2A). The second acquired property is 8921 Airways Boulevard located in Southaven, Mississippi, totaling 158,000 square feet of Class-A industrial space. Both properties offer central U.S. distribution access via FedEx's World Hub, five Class I railroads and robust road infrastructure.
Blankenbaker Logistics Center is the most recent acquisition closed December 9, 2021, and Bixby's first acquisition in the emerging Louisville, Kentucky market. Bixby Land Company purchased the newly 2021 constructed 322,000 square foot warehouse distribution building for its preferred access to the I-64 freeway and proximity to the Ford Kentucky Truck Plant, Ford Louisville Assembly Plant, and UPS Worldport.
The company concludes its 125th year with impressive portfolio growth and more than 10 million square feet and over $1.6 billion in assets under management.
185-195 Innovation Way, Newnan, Georgia & 13150 Plantside Drive, Louisville, Kentucky - The brokers for these properties were CBRE Atlanta’s Vice Chairmen Chris Riley and Frank Fallon, along with First Vice President Trey Barry.
1453 Commerce Parkway, Horn Lake, Mississippi & 8921 Airways Boulevard, Southaven, Mississippi - These properties were represented by Dennis Mitchell, Matt Wirth, and Britton Burdette of JLL Capital Markets.