August 1, 2019
Newport Beach, CA-headquartered BKM Capital Partners eclipsed $1 billion in assets under management with the acquisition of Pacific Business Center, an 898,389-square-foot light multi-tenant industrial property in Henderson, NV. The 13-building complex was acquired for $111,250,000 and is BKM’s largest acquisition to date.
BKM’s Brian Malliet says, “We have been bullish on acquisitions over the past two years, consistently acquiring high-quality assets at pricing that remains well below replacement cost.”
The properties are located at 1045-1175 American Pacific Dr., 160-194 Gallagher Crest Rd., and 1060-1110 Mary Crest Rd.
Constructed between 1996-1998, the 85%-occupied property is an institutional grade asset that has received more than $12.4 million in capital improvements since 2010, which include high quality HVAC and EVAP systems, LED lighting, upgraded office finishes and new exterior paint. In-place rents are projected to be 20% below market rate, providing an opportunity for immediate value creation.
BKM was self-represented, while the unnamed seller was represented by CBRE.
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