California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
BKM Acquires Hayward Industrial with “Tremendous” Value-Add Potential
BKM Capital Partners, a vertically integrated institutional fund manager, has acquired North Cabot Industrial Park in Hayward from a nonprofit for $10.5 million, or $206 per square foot. The two-building, multi-tenant property is located along the I-880 Corridor, among the most active industrial corridors in the San Francisco Bay Area.
“The Hayward industrial market is historically very lightly traded, and investment offerings generate significant interest,” said Brett Turner, BKM’s Senior Managing Director of Acquisitions and Dispositions. “We immediately recognized the great opportunity of securing a highly infill park at a 50% discount to replacement cost with tremendous value-add potential.”
BKM intends to invest in capital improvements to bring the asset to its brand standards. As part of the repositioning plan, BKM’s leasing team will work to fill the 9% vacancy at the property, taking advantage of the park’s 2.3-year WALTs to correct a 21% market deficiency in rents.
BKM represented itself in the transaction. CBRE EVPS Robert Ferraro and Michael Barry and first VP Ken Morris represented the seller.
- ◦Sale/Acquisition
