21-Building Las Vegas Industrial Portfolio Acquired by BKM Partners
BKM Capital Partners has acquired a significant small-bay industrial portfolio. The transaction involves a seven-property, 21-building light industrial portfolio in Las Vegas, adjacent to the Las Vegas Strip and International Airport. The portfolio comprises 740,000 square feet of space, 240 units and is nearly 98% occupied. The acquisition increases BKM’s current holdings in the Las Vegas market to more than 2.3 million square feet. The portfolio was acquired from Terry York Properties and Heller Companies.
BKM’s in-house property management and construction teams will execute an asset improvement program. Planned improvements at the Las Vegas portfolio will include upgrades to the landscaping, parking areas, HVAC units, property signage and roofs. BKM’s Brian Maillet says the improvement program is a key to their success, “That strategy is based on enhancing value through substantial capital improvements, strategic interior-unit sizing, and cosmetic improvements to deliver a higher-end industrial product for today’s new high-end manufacturing and warehousing users.”