Newport Beach and Phoenix, Ariz.– Bixby Land Company has purchased a 100% leased industrial warehouse and distribution building in Phoenix, Ariz., extending the company’s core industrial acquisition strategy in key Western U.S. markets. Bixby paid $9.5 million in an all-cash transaction for West 10 Business Center, a 146,663-square-foot building with direct frontage on Interstate 10.
West 10 Business Center is located at 4703 West Brill Street in Phoenix’s Southwest industrial submarket, the largest in Metro Phoenix with approximately one third of the roughly 300 million square feet of industrial space in the overall market. The project is fully occupied by three tenants, in an established industrial neighborhood that includes FedEx, Amazon, Cintas and Kroeger.
“This acquisition aligns well with our investment criteria for institutional grade industrial assets in primary and select secondary distribution markets in the West,” said Mike Severson, executive vice president and chief acquisitions officer of Bixby Land Company. “The quality of the building, it’s location with excellent freeway visibility to a major east-west interstate in the U.S., and the underlying fundamental strength of the market made this an attractive investment for Bixby.”
Built in 1998, the project is within one mile of two freeway interchanges to I-10, at North 43rd Avenue and North 51st Avenue.
“Bixby continues to seek stabilized, high quality warehouse and distribution buildings in the $10 million to $50 million range,” added Severson. In addition to Phoenix, the company targets leased industrial investments in all major California markets, Portland, Ore., Seattle, Wash., and Las Vegas, NV.
Will Strong of Cushman & Wakefield represented the unnamed seller in the transaction; Bixby Land Company was self-represented.