SACRAMENTO—West Sacramento has emerged as a premier industrial submarket in the region, near the Interstate 5 and 80 interchange, the Sacramento River deep water shipping channel, downtown Sacramento and the Sacramento International Airport. Capitalizing on a positive risk/return profile, Bixby Land Company recently added to its industrial portfolio with the $12.4 million all-cash purchase of 2959 Thomas Pl., a newly built 138,455-square-foot industrial building.

Bixby was self-represented in its purchase from developer Ridge Capital Investors, represented by Bo Mills at JLL. The building was fully leased at the time of sale to two tenants, Core-Mark and Worm's Way. The project is located in Southport Business Park, a master-planned industrial park also occupied by Safeway, General Electric, HD Supply, Nippon Shokken and Old Dominion Freight Lines. Building improvements include a 30-foot clear height, ample dock-high and grade-level loading capabilities, skylights and installed LED lighting, and an energy-efficient roofing system.

“Our industrial investment focus is centered on assets similar to this project, where we can acquire leased, well-located buildings in primary and strong secondary markets in the West,” said Mike Severson, executive vice president and chief acquisitions officer of Bixby Land Company. “This is a good proxy for the industrial investments we are committed to making in the $10 million to $25 million range.”