The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
July 12, 2024
 Search RENTV
 The REview
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

Printer-friendly Version   Email an Associate
BKM Capital Partners Spends $62 Mil on Portland Industrial Asset


BKM Capital Partners (BKM) has acquired Columbia Commerce Park, a 10-building property in Portland’s Airport submarket. The Newport Beach-based real estate fund manager and operator paid $62.7 mil for the multi-tenant light industrial park, which consists of 375.4k sf ($167/sf) of light industrial space.

Columbia Commerce Park houses 30 shallow-bay and mid-bay industrial units ranging in size from 1.9k sf to 49.5k sf. The 93% leased property also features 68 dock-high and 26 grade-level loading doors, up to 22’ clear heights, low 15% office finish, and a diverse array of units capable of supporting a variety of uses.

Located at 5743 NE Columbia Blvd, the asset is just three miles away from Portland International Airport and five miles from downtown Portland, providing tenants with access to the entirety of the West Coast’s population hubs within a day’s shipping distance.

“It was one of those assets that had a great location and sound structural qualities but was hindered by a conservative management approach,” commented Mason Waite, BKM’s Managing Director of Asset Management. “Sitting in an institutional portfolio as it has been for 22 years, the property was lacking an aggressive operating strategy to make it more than just an income-generating asset. Our approach aims to turn it into one of the premier locations for high-quality tenants in and around the Portland Airport submarket.”

As part of its value-add strategy, BKM intends to invest nearly $3 million in a nine-month capital improvement plan that includes upgrades to roofs, parking lots, landscaping, HVAC systems, and interior spec TIs. Updates to the signage and paint scheme will bring the asset to BKM’s brand standards and take advantage of its high-visibility location on Columbia Blvd and the adjacent Route 30B. Plans also call for one 30k sf unit to be split into two shallow bay suites averaging 15k sf each, as well as structural upgrades like new sprinkler systems and upgrades to improve dock functionality in select buildings.

In line with these enhancements, BKM intends to correct a 21% deficiency in rents over the course of its hold period, leveraging the property’s 3.3-year weighted average lease term to re-tenant a portion of the units and roll most of the existing tenancy to market rents.

Return to the previous page




Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media