PGIM Real Estate Provides $51M Financing for BKM Acquisition

PGIM Real Estate has provided $51 million in floating rate acquisition financing on behalf of its core plus debt strategy to BKM Capital Partners for the acquisition, renovation and leasing costs of Canyon Industrial Center, a shallow-bay industrial park located in San Diego’s Kearny Mesa submarket. BKM announced the $70.2-million acquisition last month.

Canyon Industrial Center, a multi-tenant property with 198,728 square feet of shallow-bay industrial space across 13 buildings, is located near I-15/SR-52/SR-163, the San Diego International Airport and the Port of San Diego. The property offers flexible warehouse and office space, dock and grade-level loading and ample parking.

“PGIM Real Estate continues to see strong investment and leasing activity in San Diego’s industrial market,” said Trent Brown, executive director at PGIM Real Estate, who led the financing on the firm’s behalf. “Canyon Industrial Center is well-positioned to accommodate the local economy’s industrial needs. Through our core-plus lending platform, we are happy to facilitate BKM’s acquisition of this dynamic asset and contribute to the continued growth of San Diego’s industrial market.”