Suburban Las Vegas Business Park Sells for $111.25Mln
BKM Capital Partners has paid $111.25 million, or nearly $124/sf, for the 898,389-square-foot Pacific Business Center in the Las Vegas suburb of Henderson, Nev.
The complex consists of 13 buildings at 1045-1175 American Pacific Drive, 160-194 Gallagher Crest Road and 1060-1110 Mary Crest Road. The seller was not disclosed.
The buildings, which were constructed between 1996 and 1998, are 85 percent leased to tenants that include Handbag Express, P.I. Upholstery, Arvco Container Corp., Vegas Plumbing Service, Closet & Storage Concepts and Future & Active Pilot Advisors.
The acquisition is the largest for BKM Capital, a Newport Beach, Calif., investment manager, which was founded in 2013. The company buys multi-tenant, light-industrial properties in the Western United States.
It has raised $289.4 million of equity commitments for its second industrial fund, as well as an additional $92.1 million of co-investments. Three years ago, the company raised $105 million for its first fund, plus $25 million of co-investments.