Newport Beach, Calif. – Bixby Land Company has expanded the firm’s industrial portfolio with the $10.2 million acquisition of a 104,500-square foot warehouse and distribution building at 19949 Kendall Drive in San Bernardino, Calif. The transaction represents Bixby’s continued high level of interest in purchasing stabilized, institutional quality industrial properties in primary West Coast markets.
“This acquisition is part of a broader investment strategy to increase our core industrial holdings in markets where sound real estate fundamentals complement the income certainty from established tenants on long-term leases,” said Mike Severson, executive vice president and chief acquisitions officer at Bixby Land Company.
The project is fully leased through 2026 to C.H. Robinson Company, Inc., a worldwide leader in third party logistics (NASDAQ: CHRW). C.H. Robinson is a Fortune 250 company with a market capitalization of approximately $9.7 billion.
The building is located on a 5.07-acre parcel proximate to the I-215 Freeway at Palm Drive. Built in 2008, the building features 30-foot clearance, ample dock-high and grade level loading capacity, and an expansive truck court with a 140-foot turning radius.
Bixby’s interest in newer industrial buildings secured by long-term leases is on the rise, following three similar acquisitions in the Seattle, Wash. area earlier this year. An active investor in value-add office redevelopments for the past five years, Bixby is now focusing more of its investment activity in the industrial sector.
“This acquisition fits very well within our investment strategy to add institutional grade industrial assets in the $5 million to $50 million range” added Severson.
Bixby purchased the project from Western Realco on an all cash basis. JLL represented both sides in the transaction, led by the brokerage team of Bo Mills, Ruben Goodsell and Patrick Wood.