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Bixby JV Secures $180M Credit Facility for Industrial Assets
HFF arranged a $180-million credit facility on behalf of a programmatic JV between Newport Beach, CA-based Bixby Land Co. and an unnamed institutional partner, whose strategy is to acquire core and core-plus industrial properties throughout the Western U.S. The initial closing of $48.875 million was used to finance a four-building, Class A industrial portfolio totaling 982,493 square feet in California and Arizona.
HFF’s Kevin MacKenzie and Brian Torp worked on behalf of the partnership it previously assisted in forming, to secure the funding. The seven-year, full-term, interest-only facility was arranged with a correspondent life insurance company, and provides the ability to add assets for up to 24 months and the flexibility to fix or float the interest rate.
The properties include:
– a 104,500-square-foot, Class A property at 19949 Kendall Dr. in San Bernardino (pictured)
– a 387,420-square-foot building at 3510 Carlin Dr. in West Sacramento
– Canal Crossing Logistics Center, a 155,114-square-foot building at 5670 South 32nd St. in Phoenix
– Riverside@ 51st Avenue, a 335,459-square-foot building at 2300 South 51st Ave. in Phoenix
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Sale/Acquisition
