BKM and TC US Acquire Fully Occupied Fry Distribution Center

Newport Beach-based BKM Capital Partners recently acquired Fry Distribution Center in Beaverton, OR. BKM acquired the property from a private local seller in an off-market transaction for $15.4 million. The transaction was executed through a joint venture with TC US Partners, a real estate investment manager.

“The property has an outstanding historical occupancy, averaging 94 percent over the past decade,” says Brian Malliet of BKM Capital Partners. “The ability to maintain stabilized occupancy despite ownership’s passive approach to capital improvements is a testament to the asset’s strategic location in a submarket with high barriers to entry and limited competition.”

Fry Distribution Center is a two-building fully leased multi-tenant industrial property. The center is off the SW Allen Boulevard exit of Highway 217, west of Portland.

“This transaction represents an important milestone in our partnership with BKM and we are confident on their ability to drive NOI growth by leasing the project at market rental rates and achieve operational efficiencies as a result of the asset’s large local footprint,” says TC US Partners’ Daniel Grunberg.

Cushman & Wakefield’s Robert F. Buckley represented BKM Capital Partners in the transaction.