European real estate investment manager AXA Investment Managers - Real Assets and U.S. commercial real estate operator Bixby Land Co. Inc. set up a new joint venture to purchase up to $400 million of logistics properties in the Western U.S. over the next two to three years.

AXA, which is investing on behalf of one of its clients, is the majority shareholder in the joint venture, while Bixby will serve as exclusive property and asset manager.

Bixby Executive Vice President and Chief Acquisitions Officer Mike Severson will lead acquisitions for the venture, focusing on leased warehouse and distribution buildings in the $10 million to $40 million range in California, Arizona, Nevada, Oregon and Washington.

Bixby noted that it has already contributed two industrial investments totaling about $27 million to the venture.