The AXA Investment Managers - Real Assets and Bixby Land Company logistics partnership, set up to buy assets in the Western US, has acquired two properties.

The joint venture has acquired a 335,450sqft multi-let industrial warehouse in Phoenix, Arizona and a 387,400sqft fully-let distribution warehouse in West Sacramento, California for a total consideration of $60.5m (€52.5m).

Earlier this year, AXA IM - Real Assets and Bixby partnered to buy up to $400m of logistics properties in the Western US.

AXA IM - Real Assets, which is investing on behalf of one of its clients, is the majority shareholder in the joint venture and Bixby will act, in an exclusive capacity, as property and asset manager.

The joint venture will seek investments in the industrial asset class targeting core and core plus strategies.

It will target properties located in California, Arizona, Nevada, Oregon and Washington.

Steve McCarthy, the head of North America at AXA IM - Real Assets, said: “These two acquisitions are in strong logistics markets underpinned by the structural changes in supply chains, e-commerce and consumer behaviour.

“We look forward to further expanding our joint venture relationship with Bixby as we seek to deploy capital, on behalf of our clients, into investment opportunities demonstrating similar fundamentals and attractive risk-adjusted returns.”