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Bixby Land Co., based in Newport Beach, California, recently purchased a 55,660 SF industrial building at 1800 Fryer Ave. in Sumner for $18.5M.
The building, leased to Cummins Inc., was purchased from Panattoni Development. It is the fourth building Panattoni has sold in the greater Seattle area since 2016.
Bixby actively invests in Kent Valley due to the low industrial market vacancy rates and premium prices of developable lands, according to Bixby Land Co. Executive Vice President and Chief Acquisitions Officer Mike Severson.
“Kent Valley exhibits strong market fundamentals and is an area we are highly interested in for new acquisitions,” Severson said. “This purchase furthers our investment activities in core industrial properties in primary West Coast markets, Arizona and Nevada.”
The purchase is part of a larger plan to grow Bixby's industrial real estate portfolio in the Western states by acquiring an additional $400M in assets. The company is actively seeking land in the $5M to $50M range in the western U.S.
Last month, Bixby announced a new industrial investment venture with AXA Investment Managers — Real Assets, a portfolio and asset manager in Europe.
Bixby represented itself in the Sumner transaction. The seller was represented by CBRE Executive Vice President Brett Hartzell.
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