Newport Beach firm makes its second Denver property purchase for $24.3M
A five-building industrial property in Denver called Valley Business Center was purchased by BKM Capital Partners for $24.3 million.
The Newport Beach, California-based institutional fund manager specializes in acquiring and improving multi-tenant industrial properties. It was sold by Mountain West Industrial Properties.
Murray Platt, Doug Viseur, and Daniel Close of CBRE represented it in the transaction. BKM represented itself.
The industrial property, located at 700 W. Mississippi Ave., is 100 percent occupied and has 20 tenants including FedEx, Colorado Lottery, Black and Decker and Municipal Energy Systems.
It was constructed in 1983 and according to Brett Turner, Managing Director of Acquisitions at BKM, it lacks key cosmetic upgrades and modernization. Because of that, BKM acquired the asset below replacement cost, Turner said in a press release. BKM will implement a series of upgrades to the property, including modernizing the building facades, landscaping and new signage.
Brian Malliet, CEO and co-founder of BKM, said the property's position between downtown Denver , Cherry Creek and the Denver Tech Center will allow it to benefit from ongoing growth in the region.
This is BKM's second acquisition in Denver. Last March, it purchased a 215,000 square-foot multi-tenant business park in southeast Denver for $20.2 million. Malliet said in the press release that BKM will continue to "seek out opportunities" in the region.