Bixby Nabs $64M Refi for Neighboring Warehouses in Southern California
By Nick Trombola May 7, 2024 4:18 pm
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A pair of industrial buildings in Southern California’s Inland Empire region have received some new financing.
Newport Beach, Calif.-based Bixby Land Company secured $63.9 million in loans from Lincoln Financial Group and PCCP (formerly Pacific Coast Capital Partners) for 11145 and 11150 Inland Avenue in Mira Loma, about 20 miles southwest of Downtown San Bernardino, according to data sourced from Vizzda.
Built in 1998, the buildings together total nearly 298,000 square feet and sit on about 15 acres.
Bixby, Lincoln Financial and PCCP did not immediately respond to requests for comment. It was not immediately clear who arranged the financing for Bixby.
One of the larger owners and operators of industrial and logistics spaces in the U.S., Bixby is a privately-held real estate investment trust with some 9.5 million square feet of such properties under its wing, most of it in California, according to its website.
There’s little wonder why the company has invested so heavily in Southern California in particular. The Inland Empire is the nation’s top industrial real estate market with more than 717 million square feet and counting.
Yet, even that market has been hit hard in the wake of inflation and high interest rates. Despite more 300 properties trading hands there last year, together totaling over 15 million square feet, total dollar volume was still 44 percent lower than it was the previous year, along with a 32 percent decrease on a square footage basis, according to data from NAI Capital Those figures mark the lowest industrial sales levels in the region since the midst of the Great Recession in 2009.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
