BKM paid $84.8 million for Backlot Burbank in 2018. Picture courtesy of BKM Capital Companions
BKM Capital Companions has fashioned a partnership with StepStone Actual Property, the true property arm of the worldwide personal markets funding agency StepStone Group, for a GP-led secondary direct transaction.
SRE acquired pursuits in two BKM industrial properties, that are a part of the BKM Industrial Worth Fund II. The agency has additionally dedicated to extra future investments in small- and mid-bay mild industrial property.
The deal contains possession in Pacific Enterprise Middle, a 748,000-square-foot industrial park in Henderson, Nev. In keeping with CommercialEdge knowledge, BKM acquired the three-building, Class A property in 2019 from Northwestern Mutual Actual Property as a part of a $111 million portfolio transaction. The second property is a lightweight industrial asset in Burbank, Calif., leased to leisure corporations. BKM paid $84.8 million for Backlot Burbank in 2018. A three way partnership between Shubin Nadal Associates and Penwood Actual Property Funding LLC bought the 306,000-square-foot asset.
As a part of the partnership settlement, StepStone Actual Property will put money into different small- and mid-bay industrial properties throughout Western U.S markets. Initially of the 12 months, the corporate teamed up with Provender Companions for the recapitalization of a 1 million-square-foot chilly storage portfolio valued at $158 million. SRE is targeted on rising its portfolio of value-add industrial property.
BKM’s offers in 2023
BMK closed a significant deal earlier this spring. The corporate, in partnership with Investcorp, expanded its Las Vegas portfolio by 740,000 sq. toes, with the acquisition of seven mild industrial properties. Terry York Properties bought the property for $157.8 million in an off-market transaction.
Extra just lately, BKM bought Commerce Carlsbad, an eight-building industrial park in Carlsbad, Calif., which was subsequently renamed Pacific Coast Industrial Middle. Alexandria Actual Property Equities bought the Class B asset for $44 million.
BKM has 57 enterprise parks below possession throughout the Western U.S. and 9.6 million sq. toes at present below administration.
