BKM Capital Partners Buys San Diego Industrial Property
- Mar 02, 2018
BKM Capital Partners has purchased Activity Business Center, a 160,943-square-foot, five-building, multi-tenant light industrial property in the Miramar submarket of San Diego for $28 million.
Located at the intersection of 9235-9265 Activity Road and 9520-9530 Padgett St., the building was 92 percent occupied at the time of the sale. Cushman & Wakefield represented the seller, Lincoln Property Co., which bought the asset in 2015. With more than 35 tenants, the in-place rents are roughly 10 percent below market value and average unit sizes are approximately 3,743 square feet.
BKM Capital Partners plans to rebrand the property and implement a series of improvements, including parking lot upgrades, exterior paint, landscaping, monument signage, lobby and the addition of a new outdoor common area.
“Miramar is one of the highest-performing industrial markets in all of San Diego,” says Brian Malliet, CEO & co-founder of BKM Capital Partners, in prepared remarks. “The submarket currently outperforms many of the county’s industrial hubs, with an average industrial occupancy of 97 percent. This acquisition was an opportunity to acquire a high-quality, multi-tenant industrial asset in an exceptionally strong market at competitive cost.”
Interstate 15, State Route 163, State Route 52 and Interstate 805 are all easily accessible from the property.
Image courtesy of BKM Capital Partners