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3/22/23
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BKM Capital Partners recently closed on the acquisition of a 740k sf, seven-property light industrial portfolio in Las Vegas, in a partnership with an alternative investment firm. The purchase consists of 21 buildings adjacent to the Las Vegas Strip and International Airport.
The portfolio comprises 240 units and is nearly 98% occupied. The acquisition increases BKM’s current holdings in the Las Vegas market to more than 2.3 msf.
The portfolio includes properties in Las Vegas’ southwest submarket, including Valley View Business Center I-IV, a 15-building business park totaling 481.1k sf; Decatur Crossing II, a three-building project totaling 140.6k sf; and Sunset Business Center, a two-building project totaling 71.3k sf; as well as an asset in the Las Vegas Airport submarket, Gateway Business Center, a property totaling 46.9k sf. The portfolio is 98% leased to 240 quality tenants across a diverse range of industries.
BKM Capital Partners’ Brett Turner, Senior Managing Director of Acquisitions, commented, “This acquisition was an opportunity to expand our Las Vegas holdings with a high-quality industrial portfolio in one of the top U.S. industrial markets by rent growth. By acquiring this portfolio, we are able to achieve diversification and scale in markets where we continue to see opportunities for value creation on behalf of our investors.”
According to Brian Malliet, Founder and CEO of BKM Capital Partners, the firm’s strategy is to enhance value through substantial capital improvements, strategic interior-unit sizing, and cosmetic improvements to deliver a higher-end industrial product for today’s new high-end manufacturing and warehousing users. Planned improvements include upgrades to the landscaping, parking areas, HVAC units, property signage and roofs, in addition to incorporating BKM’s distinctively branded paint design.
The portfolio was acquired from Terry York Properties and Heller Companies. BKM represented itself in the transaction.
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