BKM Capital Partners and Kayne Anderson Real Estate Acquire a $1.8 Billion Portfolio of Light Industrial Assets

Acquisition Adds 8.5 Million Square Feet Across National Platform, Positioning BKM and Kayne as one of the Largest Owner-Operators of Multi-Tenant Light Industrial Assets, and Marks Largest Light Industrial Transaction Since 2022

Grove22 Industrial | Garden Grove, CA

NEWPORT BEACH, Calif. and BOCA RATON, FL., June 3, 2026 – BKM Capital Partners (“BKM”) and Kayne Anderson Real Estate (“Kayne”), today announced that they have acquired an 8.5-million-square-foot portfolio (the “Portfolio”) from the Link Logistics portfolio for $1.81 billion. This acquisition will significantly expand the footprint and operating platform of the joint venture between Kayne and BKM (the “Joint Venture”) across key U.S. markets.

This transaction solidifies the Joint Venture as one of the largest owner-operators of multi-tenant light industrial assets in the U.S., which, inclusive of this transaction, is now approximately 15 million square feet under management. The Portfolio being acquired includes 51 multi-tenant light industrial properties across top-tier infill markets in California, Washington, Texas and Georgia, along with a dedicated operating infrastructure, including eight offices and 40 employees spanning property management, leasing, construction and property accounting. 

With this transaction, BKM will have significantly enhanced scale across several of the country’s most important multi-tenant light industrial markets, strengthening its ability to leverage market density, local expertise and operating efficiencies to drive stronger execution and performance across the portfolio. The additions bring BKM to nearly 200 employees in 25 offices nationwide deepening its operating presence in several of the country’s most important small- and mid-bay industrial markets.

“At Kayne Anderson Real Estate, we continue to focus on sectors where we see durable demand drivers and the opportunity to create value through scale, vertical integration and operational expertise,” said Al Rabil, Co-Founder and CEO of Kayne Anderson Real Estate. “Multi-tenant light industrial remains a highly fragmented segment with compelling fundamentals, and this transaction reflects our conviction in the strategy as well as our ability to partner with leading operators such as BKM to build differentiated platforms in attractive markets.”

“This acquisition marks the largest addition to BKM’s platform to date and is representative of the strategy we have deployed in the multi-tenant light industrial space for years,” said Brian Malliet, BKM’s Founder, CEO and Chief Investment Officer. “It not only underscores the importance of deep operating expertise in this sector but also adds meaningful scale to our platform at a time when institutional interest in the light industrial segment is rapidly accelerating. This partnership combines Kayne Anderson Real Estate’s institutional capital and long-term investment perspective with BKM’s disciplined market-by-market execution and integrated, on-the-ground infrastructure that are essential to delivering a stronger day-to-day experience for our tenants and brokers.”

“We approached this as more than a real estate acquisition,” said Brett Turner, Senior Managing Director, Acquisitions & Dispositions, at BKM. “Through historical knowledge, we developed a detailed understanding of the assets, the operating model behind them and the markets they serve. By the time the opportunity came together, there was already a high level of familiarity with the portfolio and confidence in BKM’s ability to take it on.”

The portfolio is approximately 90% occupied and consists of nearly 2,000 units across 275 buildings, all located in infill submarkets within high-growth markets. BKM’s business plan for the new properties includes targeted exterior upgrades, roof and HVAC work, market-ready improvements for vacant space and selective reconfiguration to reduce office buildout. Overall office buildout target is expected to decline from 37% to 33%, with more significant office conversion work planned at select assets.

Nearly half of the assets, more than 4.6 million square feet across 27 properties, are located in California. Of those, some 3.1 million square feet are in Southern California, with eight assets in Los Angeles, eight in Orange County and three in the Inland Empire. Another 1.5 million square feet is located in eight properties in Northern California’s East Bay submarket.

A quarter of the portfolio, or 2.3 million square feet, is in Texas, with seven assets in Austin and four in Dallas. The deal also adds six properties totaling more than 900,000 square feet in Metro Seattle. In Georgia, which the firm entered earlier this year, BKM gained seven assets, bringing its Atlanta-area holdings to more than one million square feet.

At the operating level, the acquisition expands BKM’s local office footprint in several high-priority regions. The firm will add new eight new offices, including five in Los Angeles and Orange County, as well as new locations in San Jose and Austin. 

“The operational significance of this transaction is substantial,” said Mason Waite, BKM’s Senior Managing Director of Asset Management. “We are adding teams and market coverage that give us greater depth in key regions from day one. That should help us lease space more quickly, execute capital projects more efficiently, bring suites to market sooner and deliver a stronger day-to-day experience for tenants and brokers across the portfolio.”

For BKM, this is the latest step in a broader national growth strategy that combines targeted real estate acquisitions with selective platform-expansion opportunities. The firm intends to remain active on both fronts, pursuing high-quality small- and mid-bay assets while also evaluating opportunities that deepen its operating capabilities, market coverage and local execution platform. “We see continued opportunity to grow through disciplined real estate acquisitions and select platform opportunities that complement the core business, extend our reach and make the organization stronger over time,” added Malliet.

Truist Securities served as financial advisor to Kayne Anderson Real Estate. CBRE National Partners’ Vice Chair, Darla Longo advised BKM in the transaction. BKM was represented internally by a team led by Brett Turner, Senior Managing Director, Acquisitions & Dispositions, with assistance from Michael Grossner, Senior Director of Acquisitions & Dispositions, and Charlie Farmer, Director of Acquisitions & Dispositions.