19949 Kendall Drive in San Bernardino, California | Courtesy a representative of HFF

Bixby JV Enters $180M Credit Facility

Carrie Rossenfeld Industrial

Bixby Land Company and an undisclosed institutional partner have entered a programmatic joint venture involving a $180-million credit facility, according to a release from a representative of HFF. The release says the initial closing of $48.875 million was used to finance a four-building, class-A industrial portfolio totaling 982,493 square feet in San Bernardino and Sacramento, California, and Phoenix.

According to the statement, the HFF team that included executive managing director Kevin MacKenzie and senior director Brian Torp worked on behalf of the Bixby Land partnership it previously assisted in forming, whose strategy is to acquire core and core-plus industrial properties throughout the Western U.S. The seven-year, full-term, interest-only facility was arranged with a correspondent life-insurance company and provides the partnership the ability to add assets for up to 24 months and the flexibility to fix or float the interest rate. In addition, it includes flexible prepayment, substitution and release provisions. HFF reports that it will service the facility, and the remaining capacity will be used to acquire additional industrial properties throughout the Western U.S.

The source says the initial assets comprise two California and two Phoenix properties. The California properties are the 104,500-square-foot, class-A property at 19949 Kendall Drive in San Bernardino and the 387,420-square-foot building located at 3510 Carlin Drive in West Sacramento. The Phoenix properties consist of Canal Crossing Logistics Center, a 155,114-square-foot building at 5670 South 32nd Street, and Riverside@ 51st Avenue, a 335,459-square-foot building at 2300 South 51st Avenue.

This announcement comes on the heels of the $200 million credit facility HFF arranged for Xebec Industrial Trust LP, which was announced earlier this week and arranged by the same HFF team.