BKM Capital Companions has acquired a five-building, 451,062-square-foot industrial park in Beaverton, Ore., in an off-market transaction. Kansas Metropolis Life Insurance coverage Co. offered the asset for $67 million, based on the Day by day Journal of Commerce Oregon.
Accomplished within the Seventies, the sunshine industrial campus options 68 dual-dock-high and 12 grade-level loading capabilities, as much as 24-foot-clear heights and entry to 14 railway dock doorways. Lower than 9 p.c of its complete measurement consists of workplace area.
On the time of the sale, 217 Distribution Heart was totally leased to primarily credit score tenants corresponding to Nike, Blue Ocean Logistics, Rexel and the Beaverton Police Division. BKM is about to speculate $4 million in capital enhancements on the campus; upgrades will goal landscaping, signage, roofing, HVAC programs and parking tons.
READ ALSO: EV Increase Reshapes US Industrial Panorama
Situated at 1095–11065 SW eleventh St., the property is in proximity to Freeway 217, offering distribution entry to Portland and the bigger Oregon and northwestern territories. Downtown Portland is lower than 9 miles from the property whereas Portland Worldwide Airport is roughly 20 miles away.
The campus can be lower than 1 mile from a just lately upgraded 121,426-square-foot industrial property that BKM offered to STAG Industrial in August. The asset modified arms for practically $21 million.
BKM continues to develop
Brett Turner, senior managing director of acquisitions and inclinations at BKM, stated in ready remarks that the commercial park, positioned in a goal market, was bought at an nearly 50 p.c low cost to alternative price.
All year long, BKM has bought 14 properties totaling 2.2 million sq. toes. These latest acquisitions introduced the corporate’s portfolio to a six-state footprint.
In one of many agency’s largest funding offers of 2023, BKM partnered with an affiliate of Investcorp for the acquisition of a 740,000-square-foot gentle industrial portfolio in Las Vegas. Terry York Properties offered the property for some $158 million.
After a number of months, BKM shaped a partnership with StepStone Actual Property for a GP-led secondary direct transaction. The deal included possession in Pacific Enterprise Heart, a 748,000-square-foot industrial park in Henderson, Nev.