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BKM Snags Fully Leased Industrial Park with Freeway Frontage
BKM Capital Partners has acquired Goldenwest Circle Business Park in Westminster for $62 million. BKM purchased the 12-building park in an off-market transaction on behalf of BKM Industrial Value Fund III.
The fully occupied, 231,000-square-foot park sits on 12.3 acres at Bolsa Avenue and Interstate 405, with direct frontage on one of Southern California’s most heavily traveled freeways. That frontage gives the property a level of visibility few industrial parks can claim, according to BKM.
“Freeway frontage like this is rare in Orange County, and it rarely comes up for sale,” said Brett Turner, partner and CIO at BKM. “Acquiring it at a significant discount to replacement cost gives us room to reinvest in a location that already works for its tenants. We have income in place as we improve the buildings and common areas, and time to strengthen tenant relationships well ahead of renewals.”
Turner led the transaction on BKM’s behalf alongside Michael Grossner, Senior Director of Acquisitions & Dispositions. Darla Longo at CBRE advised the seller in the transaction.
- ◦Sale/Acquisition
