BKM Capital Partners and Kayne Anderson Real Estate Acquire 471,000-Square-Foot Atlanta Industrial Campus for $100 Million

Off-market acquisition brings BKM’s Metro Atlanta holdings to 1.5 million square feet less than a year after market debut

Atlanta, GA — October 12, 2026 — BKM Capital Partners, the leading institutional fund manager and operator focused on small- and mid-bay light industrial properties, and Kayne Anderson Real Estate have acquired Northridge Commons, a 471,000-square-foot industrial campus in Sandy Springs, Georgia, for $100 million. The acquisition brings BKM’s metro Atlanta holdings to approximately 1.5 million square feet, less than a year after the firm entered the market.

Acquired from Third & Urban, Northridge Commons comprises seven multi-tenant buildings across 38 acres along the GA-400 corridor in Atlanta’s North Fulton County. Built between 1981 and 1982, Northridge Commons was originally developed as a shallow-bay industrial park. Suites range from 2,046 to 39,221 square feet with an average of 7,849, and the buildings offer 14- to 19-foot clear heights, 18 dock-high and 80 grade-level doors and rear-load configurations. The campus is 90% leased, with a tenant base spanning logistics, healthcare, life sciences, construction and food and beverage.

The property came to BKM through its local leasing relationships rather than a marketed process. Brett Turner, Partner and Managing Director of Acquisitions & Dispositions, led the acquisition for BKM alongside Charlie Farmer, Director of Acquisitions & Dispositions. Nathan Williams of Scotland Wright Associates helped facilitate the transaction between BKM and Third & Urban.

“Going straight to the seller allowed us to secure exclusivity without a competitive process,” said Turner. “The campus itself was built as light industrial but carries far more office than that design calls for. Third & Urban had already begun converting units back, and the space they delivered leased well, so we’re continuing work that’s proving itself rather than testing a theory.”

The campus carries a 57% office finish, well above what a shallow-bay industrial park typically supports. BKM will continue the conversion as leases expire, targeting an overall reduction to 36%, and will demise three oversized suites into 10 smaller units aimed at the sub-15,000-square-foot segment, where demand along the corridor is deepest.

BKM plans to reposition the campus and elevate it to match the firm’s broader portfolio standards. Improvements will include exterior painting, enhanced building and tenant signage, landscaping, parking lot repairs, roof upgrades and energy-efficient HVAC. Vacant suites will be brought to market-ready condition, with stabilization targeted within 20 months of acquisition.

The property is located approximately three miles from I-285, providing connectivity to Atlanta’s primary I-75 and I-85 industrial corridors as well as Downtown Atlanta. Its position within North Fulton County’s “Golden Corridor” also places the campus near the executive housing, labor force and customer base concentrated throughout Sandy Springs, Dunwoody, Alpharetta, Roswell, Milton and Johns Creek, where median household incomes range from $124,000 to $171,000.

“The market keeps building bigger and the tenants we serve keep needing smaller,” said Brian Malliet, BKM’s Founder, CIO, and CEO. “A business that needs 8,000 square feet in Sandy Springs or Dunwoody has almost nowhere to go. The nearest comparable campus is more than five miles north in Alpharetta. The location here cannot be replicated. But existing properties can be improved, and that’s the part we control.”

New construction is not filling the gap. Multi-tenant industrial completions across Atlanta have fallen roughly 52% from their 2023 peak, from 13.1 million square feet to 6.2 million in 2025, and nearly all of the metro’s 9.4-million-square-foot pipeline is bulk distribution or advanced manufacturing rather than multi-tenant space.

Demand concentrates in the smallest suites. Across Metro Atlanta, industrial space under 25,000 square feet runs 5.2% vacant and commands roughly $12.00 per square foot triple net, a premium of about 35% over space in the 100,000- to 200,000-square-foot range, with rents in that band up 44% over the past five years. Northridge Commons already sits in that segment, and the demising plan will move more of the campus into it.