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8/04/23
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BKM Capital Partners (BKM) and StepStone Real Estate (SRE) have formed an investment partnership focused on acquiring light-industrial and multi-use logistics properties in the Western United States. SRE is the real estate arm of the global private markets investment firm StepStone Group.
Pacific Business Center, Henderson, NV |
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The venture was launched with SRE’s acquisition of BKM’s limited partners’ interests in two large, stabilized industrial properties located in the high-growth markets of Las Vegas, NV and Burbank, CA. In addition, SRE has committed fresh capital to expand the portfolio by acquiring additional value-add small- and mid-bay light industrial assets.
The BKM-SRE Partnership is investing alongside BKM Industrial Value Fund II, the second in BKM’s series of value-add funds focused on the small- and mid-bay light industrial space. The new partnership includes ownership interests in Pacific Business Center, a 748k sf, Class A light industrial park in Henderson, NV and Backlot Burbank, a 306k sf, Class A light industrial park in Burbank, CA.
The partnership will look to expand the portfolio by co-investing in additional attractive small- and mid-bay light industrial assets across the Western U.S. SRE has been focused on increasing its exposure to value-add industrial assets and selected BKM as their latest partner to achieve those objectives.
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