NEWPORT BEACH, CALIF. — A joint venture between Bixby Land Co. and institutional partner AXA Investment Managers has planned to acquire approximately $400 million of core industrial properties in the Western United States. Bixby contributed an initial portfolio of seed assets to the venture as the partners seek to expand the relationship through the pursuit of additional acquisition opportunities.
Bixby Land Co. currently owns more than 6 million square feet of office and industrial space in the West. The new venture will pursue middle-market properties, preferably one-off assets, between 100,000 square feet and 400,000 square feet in markets from San Diego to Seattle and as far east as Dallas. HFF’s Kevin MacKenzie, Michael Joseph, Doug Bond, Tom Mizo and Ryan Megowan represented Bixby in the joint venture arrangement.