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BKM, StepStone Land $154M Refi on LV Warehouse Portfolio
BKM Capital Partners and StepStone Group teamed up on the $154 million recapitalization of Pacific Business Center, a 10-building, 748,813-square-foot industrial campus in the Las Vegas market.
Constructed between 1996 and 1998, Pacific Business Center is comprised of 1045-1175 American Pacific Drive (shown), 160-194 Gallagher Crest Road and 1060-1110 Mary Crest Road in Henderson, Nev. Commercial Edge reports the Class A campus is 90 percent occupied with a mix of tenants. In-place rents are projected to be 30 percent below market rate, giving BKM an opportunity for immediate value creation. The industrial center is in a designated Foreign-Trade Zone. The assets have had more than $12.4 million in capital improvements since 2010.
In July 2019, BKM acquired the industrial center’s properties from Northwestern Mutual Real Estate as a portfolio transaction for $113 million.
