18 August 2015 | Las Vegas
Reporter: Becky Butcher
BKM Capital Partners has secured 29 leases in three of its Las Vegas industrial assets.
The assets include sixteen leases in Patrick Commerce Center, one in the Cheyenne Technology Center and ten leases in Wind River Industrial Complex.
The Patrick Commerce Center, a 223,009 square-foot industrial business park, totalled 119,172 square feet in leases. A lease in excess of $4.2 million has resulted from these efforts.
The six-building multi-tenant industrial park, Cheyenne Technology Center, totalling 172,329 square feet was acquired as a stabilised, cash-flow investment.
BKM has secured 10 leases for the Wind River Industrial Complex since its acquisition, encompassing 61,175 square feet within the property, and bringing the asset from 71-percent occupied, up to 95-percent occupied within nine months.
Matthew Stephenson, director of asset management for BKM Capital Partners, commented: “The Las Vegas industrial market has leapt into action, and our investors are reaping the benefits.”
“When we acquired these assets in 2014, the industrial vacancy rate was approximately 11 percent. At the time, we recognised the potential in the market, and we anticipated that vacancy would tighten rapidly.”
“By leveraging this market momentum and implementing strategic improvements through aggressive and attentive management in these three properties, we have been successful in attracting tenants that have contributed to rapid growth in value.”