Bixby Land Co. Acquires 335,459 SF Industrial Facility in Phoenix for $27.2M

PHOENIX — Newport Beach, Calif.-based Bixby Land Co. has purchased Riverside @ 51st Avenue, an industrial property located at 2300 S. 51st Ave. in Phoenix. BLC Industrial Venture I – CO 3 LLC, WFG Riverside LLC and Pacifica Riverside LLC — a group of tenant-in-common entities — sold the property for $27.2 million, or $81.15 per square foot.

Situated on 19.3 acres, the 335,459-square-foot facility was developed in 2007. At the time of acquisition, the property was 95 percent occupied.

Will Strong, Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield negotiated the deal.