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.
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.