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8/12/16
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Spencer Airport Center, a seven-building, 177.6k sf multi-tenant industrial park in Las Vegas, was purchased by BKM Capital Partners for $15.65 mil ($88/sf). The property is located at 6744, 6754 and 6830 Spencer St; 1857, 1863 and 2055 E. Helm Ave; 1856 and 2060 Pama Lane; and 6745 Surrey St in Las Vegas.
Built in 2000, Spencer Airport Center’s buildings are highly functional and feature a mix of low finish distribution suites and higher finish R&D units, but lack key cosmetic upgrades. BKM plans to implement a series of capital improvements that will enhance the interior/exterior of the buildings and return suites back to low finish warehouse space, providing a more modernized look and consistent with current demand.
Planned improvements include parking lot and exterior building upgrades, new landscaping to increase street-front presence, and interior improvements in vacant units, among others.
This is the BKM’s fourth acquisition in the Las Vegas market, bringing the firm’s local assets under management to 710.5k sf. BKM purchased Spencer Airport Center at more than 40 percent below replacement costs, according to Brian Malliet, CEO and Co-Founder of BKM Capital Partners.
Malliet noted that the region surrounding Spencer Airport Center boasts 92 percent occupancy and is continuing to thrive. Nevada added more than 32,700 jobs over the past year, and its tax incentives continue to drive industrial tenants to the area. The property itself is approximately 78 percent occupied.
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