Bixby Secures $200M Recap for 836 KSF Portfolio
The note also includes capital for future acquisitions.
Bixby Land Co. has recapitalized five industrial assets with a $200 million note through its newly established Bixby Industrial Fund 1. The proceeds will also allow for future investments. Accord Group Holdings served as financial advisor to Bixby in creating the fund, with negotiations having started in April last year.
Goldman Sachs Alternatives and Ares Management Real Estate Secondaries are equity investors in the newly established fund.
Two of the warehouses are located in Mira Loma, Calif., an Inland Empire submarket, while one is in Atlanta and two in Phoenix. The five-property portfolio measures more than 836,000 square feet. The facilities are fully leased to 10 tenants and carry a weighted average lease term of 2.4 years.
The Atlanta facility is the largest, encompassing 281,000 square feet. According to CommercialEdge data, Bixby acquired the asset in June 2019 in a portfolio transaction from Stream Realty. The warehouse features 54 dock-high loading doors, two drive-in doors, 185-foot truck courts and a 32-foot maximum clear heights.
Located at 7375 Graham Road, the distribution center is some 12 miles from Hartsfield-Jackson Atlanta International Airport and 20 miles from downtown Atlanta.
Focused on tier one and two markets
Bixby’s portfolio consists of more than 9.5 million square feet of industrial and logistics properties. The firm is focusing on acquiring assets between 50,000 and 350,000 square feet in tier-one and tier-two markets.
Earlier this year, the company sold two last-mile industrial assets in Phoenix. LaSalle Investment Management acquired the 155,144-square-foot Canal Crossing Logistics Center, while Link Logistics purchased the 336,038-square-foot warehouse dubbed Riverside @ 51.
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