Lincoln Property Sells Miramar Multi-Tenant Light Industrial Asset
Newport Beach, CA-based BKM Capital Partners acquired Activity Business Center, a 160,943-square-foot light industrial property in San Diego’s Miramar submarket, from Lincoln Property Company for $28.1 million. The five-building, multi-tenant property is located at 9235-9265 Activity Rd. and 9520-9530 Padgett St., and currently is 92.6% occupied by a diverse range of 38 different tenants.
Activity Business Center
BKM Capital Partners’ Brian Malliet says, “This acquisition was an opportunity to acquire a high-quality multi-tenant industrial asset in an exceptionally strong market at competitive cost.”
BKM acquired the industrial complex roughly 39% below its replacement cost. The company plans to rebrand the complex,and implement a series of renovations including upgrades to the parking lot, exterior paint, landscaping, monument signage, lobby and the addition of a new outdoor common area.
Cushman and Wakefield represented the seller, while BKM Capital Partners was self-represented.