Bixby Land Co. has acquired a 114,500-square-foot industrial distribution facility in Tustin, Calif., for $18.5 million, the company recently announced.
The property, located at 1111 Bell Ave., represents the 12th acquisition in Bixby’s core industrial portfolio in the past 18 months, bringing its total value to more than $300 million.
Built in 2005, the class A distribution facility is located within the Irvine Business Complex and situated on approximately six acres of land. Features of the facility include skylights that allow tenants to reduce lighting costs, a clearance height of 30 feet, 14 dock-high doors and three-ground level doors.
At the time of sale, the property was 100 percent occupied on long-term NNN leases to Paragon Luggage Inc. (a manufacturer of luggage and travel products) and Sterling Motors Collision Center (the only BMW factory-certified collision repair center in central Orange County, which is leasing 58,400 square feet within the building).