Bixby Land Co. has promoted Aaron Hill as its new president and CEO. Hill has served the firm for 13 years, focusing on expanding the company’s commercial real estate operating platform.
Prior to this role change, Hill was the executive vice president and COO. His responsibilities included leading the in-house asset management, leasing, design, property management, marketing and construction.
And Mike Severson was named CIO. Previously, he was the executive vice president and chief acquisitions officer.
Prior to becoming executive vice president and chief acquisitions officer of Bixby Land Co., Severson served as director and portfolio manager for The RREEF Funds, advising a CalPERS’ portfolio in California, Arizona and Texas that grew to 20 million square feet of industrial property under his leadership.
Recently, Bixby Land Co. in joint venture with AXA Investment Managers – Real Assets, acting on behalf of clients, have acquired a vacant, 340,000-square-foot, class A, industrial building in San Bernardino, Calif., for $33 million.
Located in the Inland Empire at 4982 Hallmark Parkway, this newly built, class A property is situated in one of the pre-eminent industrial markets in the nation. The Inland Empire is experiencing record demand, low vacancy and dynamic rental growth as tenants spanning multiple industries have identified this market as a strategic location for growth.
“The Inland Empire industrial market is one of the strongest in the country,” said Bixby’s Matt Ela, vice president, acquisitions. “We believe that the quality and location of this asset will attract high-caliber tenancy and will ultimately result in solid risk-adjusted returns.”
This purchase is part of a joint venture with AXA Investment Managers – Real Assets to aggregate $400 million of industrial assets across the Western United States. Bixby is actively seeking additional industrial investment opportunities in the $5 million and $50 million range.