BKM Capital Partners Spends $24 Mil on Denver Industrial Park

February 21, 2019

BKM Capital Partners has acquired Valley Business Center, a 203.2k sf, five-building multi-tenant light industrial property in Denver, CO, for $24.3 mil ($120/sf). The property was sold by Mountain West Industrial Properties. 
 

 Valley Business Center is located at 700 West Mississippi Ave, near a strong network of surrounding highways including Hwy 85 and Denver’s main artery, I-25. It is also strategically positioned between downtown Denver, Cherry Creek and the Denver Tech Center, the largest office submarkets in the city with projected employment rates in the metro region set to increase by 26% by 2023.

 

Valley Business Center is currently 100% occupied. It is occupied by 20 different tenants including FedEx Kinkos, Colorado Lottery, Black & Decker and Municipal Energy Systems, to name a few.

 

Constructed in 1983, Valley Business Center is an institutional-grade asset that features top of the line industrial features such as concrete tilt-up wall construction, 16-20’ clear heights and ESFR sprinkler systems, however, it lacks key cosmetic upgrades and modernization, according to Brett Turner, Managing Director of Acquisitions at BKM Capital Partners.

 

BKM acquired the asset below replacement cost and plans to implement a series of upgrades to the property, which include modernizing the building facades with a multi-tone paint scheme and upgraded materials, uniform landscaping, and revamped project standard signage and addressing, among others. These strategic upgrades are expected to increase the long-term value of the asset.

 

“The central Denver industrial submarket has consistently outperformed many of Denver’s other major submarkets with historically low vacancy rates and high demand,” says Brian Malliet, CEO and Co-Founder of BKM Capital Partners. “In fact, the industrial vacancy rate in central Denver is 3.6%, which is well below the metro average of 6.1%.

 

Murray Platt, Doug Viseur, and Daniel Close at CBRE represented the seller in the transaction. BKM represented itself.

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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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