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Bixby, AXA Investment Managers Enter JV To Invest $400M In Industrial Assets

Commercial real estate operator and investment manager Bixby Land Co. will enter into a joint venture with AXA Investment Managers - Real Assets to acquire an estimated $400M worth of industrial properties across the U.S.

Warehouse, industrial, distribution center
The average height of warehouses and distribution centers has risen nine feet in the past 50 years.

The two companies are targeting industrial assets because the market is currently experiencing strong fundamentals driven largely by the rise in e-commerce and retailers' need to be closer to densely populated city centers. 

“We are leveraging our longstanding investment management experience with institutional capital partners into a programmatic, long-term relationship benefitting the portfolio growth objectives for both Bixby and our partner," Bixby CEO Bill Halford said in a statement.

Bixby currently owns and manages roughly 6M SF of industrial and office properties worth about $1B. The firm contributed two industrial properties to the JV worth $27M. The JV will target industrial buildings in the $10M to $40M range within California, Arizona, Nevada, Oregon and Washington.

"This new venture supports a greater strategy to build a robust third-party investment management operation that aligns with our growth plans for the company over the next five years,” Halford said.