{"id":1004208184,"date":"2018-02-23T03:23:34","date_gmt":"2018-02-23T11:23:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004208184"},"modified":"2022-12-07T19:48:20","modified_gmt":"2022-12-08T03:48:20","slug":"bixby-axa-ramp-up-industrial-acquisitions-in-new-venture","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bixby-axa-ramp-up-industrial-acquisitions-in-new-venture\/","title":{"rendered":"Bixby, AXA Look West for New Industrial Venture"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Mike<\/a>

Mike Severson<\/p><\/div>\n

Bixby Land Co. and AXA Investment Managers \u2013 Real Assets have teamed on a strategic plan to invest in up to $400 million in warehouse and distribution buildings throughout the Western U.S. over the next two to three years.<\/p>\n

\u201cWe have acquired a lot of industrial properties over the years for our own account, and decided we would seek to do that for someone else in a partnership,\u201d<\/em> Mike Severson, Bixby\u2019s executive vice president & chief acquisitions officer, told Commercial Property Executive<\/em>. \u201cAXA is a French-based insurance company with an office in New York, and they needed some people with boots on the ground on the West Coast. We own industrial properties from San Diego all the way up to Seattle, so it was a good fit for both parties.\u201d<\/em><\/p>\n

Bixby currently owns and manages nearly $1 billion in industrial and office properties. This new joint venture will enable the company to grow in existing target Western U.S. markets at an accelerated pace over the next few years.<\/p>\n

\u201cIndustrial is clearly the hottest property type and it\u2019s being driven by increasing port activity and e-commerce,\u201d <\/em>Severson said. \u201cWe think the supply and demand characteristics of industrial are stronger than they\u2019ve ever been.\u201d<\/em><\/p>\n

Acquisition strategy<\/h2>\n

Severson is tasked with spearheading the acquisitions, and noted he will aim for leased industrial buildings in the $10 million to $40 million range in five states\u2014California, Arizona, Nevada, Oregon and Washington.<\/p>\n

\u201cThe asset class is supported by a number of strong fundamentals driven by structural changes in supply chains, e-commerce and consumer behavior and, as such, aims to deliver durable and growing long-term income streams,\u201d <\/em>Steve McCarthy, AXA IM – Real Assets\u2019 head of North America, said in a prepared release. \u201cWe are pleased to be working with such an established and reputable partner as Bixby in this joint venture and look forward to working with them on behalf of our clients.\u201d<\/em><\/p>\n

Already, Bixby has contributed two industrial investments totaling approximately $27 million to the venture. Severson said one is in the Inland Empire in Southern California and the other is in Phoenix.<\/p>\n

\u201cThese are core industrial, triple-net leased, 10-year leases in both buildings,\u201d<\/em> he said.<\/p>\n

To date, Bixby\u2019s portfolio includes 6 million square feet of office and industrial properties in the Western U.S. Two months ago, the company acquired a 146,663-square-foot industrial warehouse and distribution facility in Phoenix<\/a> for $9.5 million in cash.<\/p>\n

Last month, AXA Investment Managers \u2013 Real Assets, in a joint venture with Stewart Investment Partners, acquired a majority stake in 1401 New York Ave., NW, a 210,000-square-foot trophy office property in Washington<\/a>, D.C., for $165 million.<\/p>\n

Image courtesy of Bixby Land Co.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The partnership is targeting leased properties in the $10 million to $40 million range in California and four other states. <\/p>\n","protected":false},"author":451,"featured_media":1004208200,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,23891,21742],"tags":[38432,33158,32914],"class_list":["post-1004208184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-national","category-latest","tag-axa-investment-managers","tag-bixby-land-company","tag-e-commerce"],"acf":[],"yoast_head":"\nBixby, AXA Look West for New Industrial Venture - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/bixby-axa-ramp-up-industrial-acquisitions-in-new-venture\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bixby, AXA Look West for New Industrial Venture\" \/>\n<meta property=\"og:description\" content=\"The partnership is targeting leased properties in the $10 million to $40 million range in California and four other states.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bixby-axa-ramp-up-industrial-acquisitions-in-new-venture\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-02-23T11:23:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T03:48:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Mike-Severson.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bixby-axa-ramp-up-industrial-acquisitions-in-new-venture\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/bixby-axa-ramp-up-industrial-acquisitions-in-new-venture\/\",\"name\":\"Bixby, AXA Look West for New Industrial Venture - 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