BKM Capital Partners Buys 2 Industrial Properties for $27.5M
- Dec 04, 2014
Las Vegas’ industrial market continues to draw a steady stream of transactions and development. Most recently, BKM Capital Partners paid $27.5 million for Cheyenne Technology Center and Wind River Industrial Complex, multi-tenant assets located in Las Vegas and North Las Vegas.
Totaling 309,932 square feet, the properties are BKM’s second and third Las Vegas acquisitions and expand the company’s industrial portfolio in the market to about a half-million square feet. Previously, BKM had acquired properties in the Phoenix and Portland markets.
Located at 3355-3675 West Cheyenne Avenue in North Las Vegas, Cheyenne Technology Center (above left) is a six-building office and flex/industrial park. BKM paid $18.4 million for the property. Acquisition financing was sourced through a $15.5 million senior loan provided by PCCP L.L.C. BKM represented itself, while Volt Real Estate Services represented the seller.
Wind River Industrial Complex is a 137,603 square-foot property located at 4301-4325 South Valley View Blvd. BKM purchased it for $9.1 million, about half the price per square foot it paid for the Cheyenne complex.
Wind River’s potential upside attracted BKM, according to Brett Turner, the firm’s director of acquisitions, who explained that the price was reduced by deferred maintenance and low occupancy.
BKM is planning to reposition the property and add value through structural and cosmetic improvements. Voit represented the seller, a local family.