• Commercial Property Executive

BKM Sells Industrial Asset in Portland

BKM sold Hayden Business Park, a 98,516-square-foot business park in Portland, Ore.

Portland, Ore.—BKM Capital Partners has sold the first three multi-tenant industrial business parks in its debut fund, which includes a 223,009-square-foot multi-tenant industrial building and a 137,603-square-foot industrial complex in Las Vegas and a 98,516-square-foot business park in Portland.

BKM repositioned and leased up all three assets, ultimately achieving an IRR of 38.5 percent and a 2.4 multiple at the Portland property, Hayden Island Business Park.

The company initially acquired the asset in 2014. During its ownership, BKM implemented a series of capital improvements including modernizing signage, updating the paint scheme and new landscaping.

“By integrating these cosmetic upgrades, we were able to bring the property up to 98-percent occupancy with rents more in line with market,” Brett Turner, BKM’s director of acquisitions, said in a statement. “We more than doubled rental rates. This created strong stabilized in-place cash flow, further adding to the appeal of the property.”

The property is located at 2400-2422, 2511-2527, 2535-2541 and 2701-2703 N. Hayden Island Drive in Portland. David Hill at Newmark Grubb Knight & Frank represented BKM Capital Partners, the seller in this transaction.

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Headquartered in Newport Beach, California, BKM Capital Partners is a real estate fund manager specializing in the acquisition and improvement of value-add multi-tenant industrial properties in metro areas across the Western U.S. Combining a deep knowledge of this niche industrial product type with in-house capabilities including on-site property management, asset management, and leasing to reposition and institutionalize light industrial assets, the firm continues to build on its proven track record, generating strong results with high levels of transparency and engagement for investors. 

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BKM Management Company manages a portfolio of 8.6 million square feet of multi-tenant industrial properties for BKM Capital Partner’s private and institutional investors. With a focus on “boots on the ground” execution at the property level, BKM has in-house capabilities for both property management and leasing. The teams at the property level are focused on ensuring the tenants thrive and that the properties are managed in the most efficient way.




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