NEWPORT BEACH, California – April 6, 2023 – Bixby Land Company, a Newport Beach, California-based investor, announced the disposition of 95 Logistics Center, two Class A warehouse distribution buildings totaling 564,489 square feet, in Pooler, Georgia. Initially acquired in 2020, the property is just a few minutes from the Port of Savannah, which is listed amongst the fastest-growing container ports in the United States by TEUs. The property was 100% leased to three tenants at the time of sale, features front and rear-load building configurations, 32’ warehouse clear heights, 190+ foot concrete truck courts and excess trailer parking.
Bixby and its joint venture partner successfully executed the investment strategy to fill vacancy at the project and capitalize on the unprecedented industrial rent growth over the last three years.
“We acquired this asset pre-stabilization in the highly uncertain, Covid-induced economic environment because we had conviction in the Savannah market and believed this asset was well-positioned to capitalize on the supply/demand imbalance that was present at the time. This investment is an excellent representation of Bixby’s value-add investment focus that generated superior risk adjusted returns,” said Matt Ela, Executive Vice President of Operations at Bixby Land Company.
Bixby Land Company retains multiple industrial properties totaling 1.2M square feet across the Atlanta and Savannah markets and will continue to look to expand its footprint throughout the Southeast through the acquisition of core, core-plus and value-add, Class A logistics properties.
The brokers representing the transaction were Trey Barry, Frank Fallon and José Lobón of the CBRE National Partners team, as well as Bill Sparks, William Lattimore and Preston Andrews of the local Savannah office.
About Bixby Land Company
Bixby Land Company is a leading commercial real estate owner, operator, and investment manager with over $2.1 billion of assets under management. The company develops and invests in industrial, office, and R&D properties throughout the United States. For over 125 years, Bixby Land Company has been committed to adding value for its shareholders and investors. To learn more, visit www.bixbyland.com.