Newport Beach, Calif. and Seattle, Wash. – Bixby Land Company, a Newport Beach, Calif.-based investor, has purchased a 55,660-square-foot industrial building at 1800 Fryar Ave. in Sumner, Wash., in Seattle’s Kent Valley industrial submarket. Bixby acquired the building from Panattoni Development for $18.75 million.
Bixby represented itself in the transaction, while the seller was represented by Brett Hartzell, executive vice president at CBRE.
Built in 2017, the building is leased to Cummins, Inc., a Fortune 500 company that designs, manufactures and distributes engines and power generation products.
The acquisition represents a strategic investment initiative by Bixby to acquire $400 million in leased warehouse and distribution buildings in the Western U.S. over the next two to three years. Bixby announced last month a new industrial investment venture with AXA Investment Managers – Real Assets, the leading property portfolio and asset manager in Europe.
“We are pleased to add this project to our growing portfolio of industrial assets in the Pacific Northwest,” said Mike Severson, executive vice president and chief acquisitions officer at Bixby Land Company. “This purchase furthers our investment activities in core industrial properties in primary West Coast markets, Arizona and Nevada,” added Severson.
The Fryar Avenue property is the fourth building Bixby has purchased from Panattoni in the greater Seattle area since 2016. Bixby continues to be an active investor in the Kent Valley, where the industrial market is sub-five percent vacant and developable land commands premium pricing. “Kent Valley exhibits strong market fundamentals and is an area we are highly interested in for new acquisitions,” added Severson.
Bixby is actively seeking leased, institutional grade industrial investments in the $5 million to $50 million range in the Western U.S.