Real estate briefly: BKM Capital buys business center for $28M

​BKM Capital Partners, an institutional fund manager in Newport Beach, has acquired Activity Business Center for $28.1 million. The 160,943 square-foot, five-building multi-tenant light industrial property is in the Miramar submarket of San Diego. (Courtesy of BKM Capital Partners)

BKM Capital Partners, an institutional fund manager in Newport Beach, has acquired Activity Business Center for $28.1 million. The 160,943 square-foot, five-building multi-tenant light industrial property is in the Miramar submarket of San Diego.

The center is roughly 93 percent occupied with 38 tenants. Average unit sizes are approximately 3,743 square feet, according to Brett Turner, BKM’s director of acquisitions. BKM said in a statement it plans to rebrand the multi-tenant industrial complex and renovate the property, upgrading the parking lot, exterior paint, landscaping, monument signage, lobby and the addition of a new outdoor common area.

Cushman and Wakefield represented Lincoln Property Co. as the seller in this transaction. BKM Capital Partners was not represented.