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BKM Nabs Carlsbad Industrial, Plans Upgrades
BKM Capital Partners, a vertically integrated institutional fund manager, has acquired Commerce Carlsbad, an eight-building multi-tenant industrial park in Carlsbad. The purchase price wasn’t disclosed. The project will be renamed “Pacific Coast Industrial Center” as part of BKM’s signature capital improvement program.
Cushman & Wakefield’s Brad Tecca (now with Newmark) facilitated the transaction for the seller. BKM represented itself.
“This acquisition presented an opportunity to acquire an asset we’ve had our eyes on for a while,” says BKM CEO Brian Malliet. “It was a rare opportunity to acquire an attractive asset in an irreplaceable location just a quarter mile from the ocean.”
Situated at 5205 Avenida Encinas, the park consists of 129,928 square feet across 62 small-bay units with an average size of 2,515 square feet. BKM intends to invest in significant capital improvements and also plans to take advantage of existing vacancies and short WALTs to incrementally reduce the amount of office space at the park from 54% to 36%.
- ◦Sale/Acquisition
