Miramar Industrial Portfolio Sells for $28.1M

March 2, 2018

BKM Capital Partners of Newport Beach has acquired the Activity Business Center, a multi-tenant industrial property in San Diego, CA for $28.1 million, or about $175 per square foot. The property totals 160,943 square feet at 9235-9265 Activity Rd. and 9520-9530 Padgett St. in the city's Miramar submarket.

 

The five-building property was purchased from an affiliate of Dallas-based Lincoln Property Co., which acquired it in August 2015 for $19.15 million ($120 /SF) from Brookfield Asset Management Inc., according to CoStar data. (See CoStar COMPS #3383364.)

 

BKM CEO and co-founder Brian Malliet said his company acquired the industrial campus at a price approximately 39 percent below its replacement cost.

“This acquisition was an opportunity to acquire a high-quality, multi-tenant industrial asset in an exceptionally strong market at a competitive cost,” Malliet said in a statement, noting the Miramar submarket outperforms many of San Diego County’s industrial hubs for occupancy and other fundamentals.

Activity Business Center is currently 93% leased to 38 tenants. BKM Capital Partners plans to rebrand the complex and implement renovations, including upgrades to parking, exterior paint, landscaping, signage, lobby and outdoor common areas.

The seller previously completed other cosmetic improvements. CoStar Group data indicates that the Padgett Street properties were originally constructed in 1971, and the Activity Road buildings were completed in 1980 and 1987.

Cushman & Wakefield represented Lincoln Property Co. in the latest sale, and BKM handled the sale in-house.

Please see CoStar COMPS #4152383 for additional information on this transaction.

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BKM CAPITAL PARTNERS

 

Headquartered in Newport Beach, California, BKM Capital Partners is a 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 structured financing, 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

 

BKM Management Company manages a portfolio of 8.2 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 managed in the most efficient way.

 

 

 

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