Deal News: Acquisition of Class A Industrial Property for $33 Million in San Bernardino, California

Deal News: Acquisition of Class A Industrial Property for $33 Million in San Bernardino, California

AXA Investment Managers - Real Assets, acting on behalf of clients, and Bixby Land Company, a California-based investor, have acquired a vacant, 340,000 square foot, Class A industrial building in San Bernardino, California, for $33 million.

The newly built property is situated in one of the preeminent industrial markets in the U.S., the Inland Empire, a region in Southern California centred around the cities of Riverside and San Bernardino. The Inland Empire is currently experiencing record demand(1) for industrial space with low vacancy and dynamic rental growth as tenants spanning multiple industries have identified this market as a strategic location for growth.

This purchase is part of the joint venture with Bixby Land Company to aggregate $400 million of industrial assets across the Western U.S. and follows the acquisition of two Class A industrial warehouses in Phoenix, Arizona and West Sacramento, California.

(1) Lee & Associates, Q3 2018 Market Reports

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