Bixby Land Co. Acquires 2-State Industrial Portfolio
- Jul 10, 2019
Bixby Land Co. has acquired three Class A industrial properties totaling 857,000 square feet in Georgia and Texas. The company’s portfolio now amounts to more than 8 million square feet across the U.S.
Stream Realty Partners sold Graham Logistics Center, a 281,000-square-foot warehouse in Fairburn, Ga., and Parkway Logistics Center, a 272,000-square-foot asset in Grand Prairie, Texas. The company will continue to lead leasing efforts for the two properties. Crow Holdings Industrial sold the third asset, Royal 85 Business Center, a 304,000-square-foot distribution facility in Union City, Ga. CBRE and JLL brokered the deals on behalf of the owners.
The Georgia acquisitions
Situated at 7375 Graham Drive on a 27-acre site, Graham Logistics Center is less than 2 miles from Exit 64 off Interstate 85 and roughly 10 miles from Hartsfield-Jackson Atlanta International Airport. Stream Realty started construction on the industrial asset in 2018, after receiving an $11 million loan from Brand Bank, Yardi Matrix shows. The four-suite speculative building, completed in 2019, was acquired vacant.
Royal 85 Business Center is 5 miles northeast of Graham Logistics Center at 3625 Royal South Parkway, also near Interstate 85 and 3 miles from Interstate 285. The building features front-load distribution space with 36-foot clear height, up to 126 trailer spaces and multiple access points to Royal South Parkway. The property was fully leased at the time of sale.
The Texas property
Located at 2911 S. Great S.W. Parkway in Grand Prairie, Parkway Logistics Center is roughly 20 miles southwest of downtown Dallas. The property is right across from Grand Prairie Municipal Airport, 2 miles north of Interstate 20. Completed in 2019 on a 14-acre site, the distribution warehouse has a 32-foot maximum clear height and 44 dock-high doors, according to Yardi Matrix data. This asset was also vacant upon purchase.
CBRE Vice Chairmen Chris Riley and Frank Fallon, alongside First Vice President Trey Barry from the Atlanta office, negotiated the Georgia transactions. JLL Senior Managing Director Adam Herrin and Director Stephen Bailey brokered the Texas deal.