AXA IM - Real Assets acquires USD33m Class A industrial property 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 USD33 million.
The newly built property is situated in one of the preeminent industrial markets in the US, 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 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 USD400 million of industrial assets across the Western US and follows the acquisition of two Class A industrial warehouses in Phoenix, Arizona and West Sacramento, California.