August 16, 2016
BKM Capital Partners made its fourth acquisition in Las Vegas, buying the 177,597-square-foot Spencer Airport Center. The Irvine, CA-based buyer paid Guardian Financial $15.6 million for the seven-building property.
Built in 2000, the asset is a value-add opportunity for BKM. The new owner will embark on interior and exterior upgrades. Also on tap are parking lot improvements and new landscaping. The property spans Spencer Street, Helm Avenue, Parma Lane and Surrey Street.
Spencer Airport Center is 78% occupied in a submarket with 92% occupancy. According to BKM’s Brian Mallet, “The property’s low occupancy, coupled with strong demand throughout the region, will provide immediate stabilized cash flow and the opportunity to increase NOI as we begin to lease vacant space.” He added that in-place rents are currently 10%-18% below market value.
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