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6/04/26
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BKM Capital Partners and Kayne Anderson Real Estate have acquired an 8.5 msf portfolio from the Link Logistics portfolio for $1.81 bil ($213/sf). The acquisition includes 51 multi-tenant light industrial properties across top-tier infill markets in California, Washington, Texas and Georgia, along with a dedicated operating infrastructure, including eight offices and 40 employees spanning property management, leasing, construction and property accounting.
Valwood Business Center, Dallas, TX |
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The portfolio is approximately 90% occupied and consists of nearly 2,000 units across 275 buildings, all located in infill submarkets within high-growth markets. BKM’s business plan for the new properties includes targeted exterior upgrades, roof and HVAC work, market-ready improvements for vacant space and selective reconfiguration to reduce office buildout. Overall office buildout target is expected to decline from 37% to 33%, with more significant office conversion work planned at select assets.
This acquisition will significantly expand the footprint and operating platform of the joint venture between Kayne and BKM across key U.S. markets. It solidifies the joint venture as one of the largest owner-operators of multi-tenant light industrial assets in the U.S., which, inclusive of this transaction, is now approximately 15 msf under management.
“This acquisition marks the largest addition to BKM’s platform to date and is representative of the strategy we have deployed in the multi-tenant light industrial space for years,” said Brian Malliet, BKM’s Founder, CEO and Chief Investment Officer. “It not only underscores the importance of deep operating expertise in this sector but also adds meaningful scale to our platform at a time when institutional interest in the light industrial segment is rapidly accelerating.
Truist Securities served as financial advisor to Kayne Anderson Real Estate.
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