BKM Capital Sells Sacramento Assets for $43M
GPR Ventures purchased the two properties spanning more than 335,000 square feet.
GPR Ventures has purchased Capitol Industrial Center North & South, a 335,701-square-foot, two-asset industrial portfolio in Sacramento, Calif. BKM Capital Partners sold the properties for $42.7 million, public records show. City National Bank issued a $25.6 million acquisition loan, according to the same source.
BKM had purchased the assets in 2020 as part of a $425 million portfolio deal. Following the transaction, the firm implemented $7.2 million in capital improvements for maintenance and cosmetic renovations. GPR plans to further invest in enhancing the facilities.
Capitol Industrial Center North & South debuted in 1986 and 1988, respectively. Spanning close to 23 acres, the two multi-tenant properties encompass 16 buildings and 83 different suites, ranging from 1,600 to 22,000 square feet.
The South property measures 114,471 square feet across four buildings with 37 suites presenting an 88 percent occupancy rate at the time of sale. The North one spans 221,230 square feet in 12 buildings with 46 suites and 93 percent occupancy. The facilities include 14- to 16-foot clear heights, as well as grade-level doors in most suites.
The campuses are within walking distance of each other at 9881-9969 Horn Road and 9828-9960 Business Park Drive. U.S. Route 50 is less than 1 mile away, and the facilities are some 2 miles from Sacramento Mather Airport.
GPR Ventures Co-Founder & Managing Principal Phil Rolla stated in prepared remarks the company’s presence in Sacramento dates back to the early 2000s, with an industrial footprint of 1.2 million square feet in the area prior to the current purchase.
Read the article on Commercial Property Executive here.
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