BKM Capital Partners (BKM) has acquired Columbia Commerce Park, a 10-building property in Portland’s Airport submarket. The Newport Beach-based real estate fund manager and operator paid $62.7 million for the multi-tenant light industrial park, which consists of 375,429 square feet of light industrial space.

The acquisition, BKM’s fourth in 2024, continues a buying spree the firm ramped up last year. Located at 5743 NE Columbia Blvd., the 93% leased property is just miles away from Portland International Airport and downtown Portland. BKM intends to invest nearly $3 million in a capital improvement plan that includes upgrades to roofs, parking lots, landscaping, HVAC systems, and interior spaces.

“Sitting in an institutional portfolio as it has been for 22 years, the property was lacking an aggressive operating strategy to make it more than just an income-generating asset,” said Mason Waite, BKM’s Managing Director of Asset Management. “Our approach aims to turn it into one of the premier locations for high-quality tenants in and around the Portland Airport submarket.”