BKM Capital Partners Acquires 670k sf Biz Park in the Las Vegas Market
BKM Capital Partners has recently acquired $175+ mil in properties through its current “largest in market” acquisition strategy. In its latest buy, the company purchased Hughes Airport Center II, a 670.9k sf, 13-building multi-tenant industrial complex in the Las Vegas Airport submarket in Nevada, for $92 mil ($137/sf).
Situated between McCarran International Airport and the I-215 Fwy, the multi-tenant industrial complex is currently 86.6% leased to a diverse range of tenants across multiple industries. It is considered the premier multi-tenant industrial property in the region, and is strategically positioned to benefit from ongoing growth in Las Vegas.
Hughes Airport Center II is a highly functional Class A industrial complex with clear heights ranging from 16-24’, 44 dock-high loading doors, and 59 grade-level loading doors. The property is located at 420-770 Pilot Rd and 711-839 Pilot Rd in Las Vegas. BKM plans to implement a series of cosmetic interior and exterior upgrades to modernize the park, such as reconfiguring dysfunctional office units into marketable industrial units totaling 27.8k sf. “Our ‘largest in market’ acquisition strategy is serving our investors well,” says Brian Malliet, Co-Founder and CEO of BKM Capital Partners. “By acquiring the largest multi-tenant industrial assets in the markets we serve, we are able to devise units to match market demand, which translates directly into high occupancy, resulting in strong stabilized returns for our investors. We continue to seek out light multi-tenant industrial assets throughout the Western U.S.” Malliet notes that the property was acquired at a significant discount to replacement cost. It is expected to serve as a last mile delivery option based on its unique position directly across from the airport and one block from the Las Vegas strip. Prior to this buy, BKM, through its programmatic joint venture with the Canyon Catalyst Fund, also acquired one of the largest multi-tenant industrial properties of its kind in Silicon Valley - a 14-building, 352.3k sf property in the Bayside Business Park in Fremont. Together, these acquisitions total more than 1 msf of multi-tenant industrial product.