AXA Investment Managers – Real Assets completes acquisition of two U.S. logistics properties
AXA Investment Managers - Real Assets and Bixby Land Co. have acquired two class-A industrial warehouses in Phoenix and West Sacramento, Calif., for a total consideration of $60.5 million. AXA IM - Real Assets made acquisition on behalf of clients.
Located in Phoenix, Arizona, the first acquisition is a 335,450-square-foot multi-let industrial warehouse constructed to a high specification comprising 28 loading docks, 30’ clear height, full cross-docking loading and 248 outdoor parking spaces. The asset benefits from strong transport connectivity sitting only 20 minutes away from Phoenix Sky Harbor International Airport, the largest commercial airport in the Southwestern United States, and just 6 miles away from the Union Pacific Rail Road, directly connecting Arizona to 23 other states by rail.
The second acquisition is a built-to-suit 387,400- square-foot class-A distribution warehouse fully let on a 12-year lease to a leading North American business-to-business distributor. The asset comprises 75 loading docks, 36’ clear height, 185’ truck court, full cross-docking loading and 188 outdoor parking spaces. Located in West Sacramento, California, the asset benefits from strong connectivity to major transportation hubs providing easy access to other local cities in California as well as major cities in the Western U.S.
Both acquisitions are part of the strategic investment initiative between AXA IM - Real Assets, investing on behalf of one of its clients, and Bixby to acquire $400 million in leased warehouse distribution buildings in the Western United States over the next several years. The joint venture, which is targeting properties located in California, Arizona, Nevada, Oregon and Washington has now acquired four assets since launching in January this year.
“These two acquisitions are in strong logistics markets underpinned by the structural changes in supply chains, e-commerce and consumer behavior," said Steve McCarthy, Head of North America at AXA IM - Real Assets.
