By Mike Sunnucks
Bixby Land Co. has paid $9.5 million cash for an industrial building off Interstate 10 in west Phoenix.
California-based Bixby is looking to buy other industrial and distribution buildings in western markets such as Phoenix, Portland, Seattle and Las Vegas.
“Bixby continues to seek stabilized, high quality warehouse and distribution buildings in the $10 million to $50 million range,” said Mike Severson, executive vice president and chief acquisitions officer for the commercial real estate company.
In its most recent deal, Bixby bought the West 10 Business Center — a 146,663-square-foot building at 4703 West Brill Street. That is in southwest Phoenix in between 43rd and 51st avenues off the busy I-10.
It is in the same distribution neighborhood as logistics centers for FedEx (NYSE: FDX), Amazon.com (Nasdaq: AMZN) and Kroger (NYSE: KR). Kroger is the parent of company of Fry’s Food & Drug Stores.
“This acquisition aligns well with our investment criteria for institutional grade industrial assets in primary and select secondary distribution markets in the West,” Severson said . “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.”
The seller in the deal has not yet been disclosed. Property records list the property being owned by a real entity called CLPF West 10 Business Center LP.