At a glance
- The price is about $270 a square foot and $5 million an acre.
- The park spans 231,000 square feet on 12.3 acres at Bolsa Avenue and Interstate 405, with direct freeway frontage.
- For limited partners in Industrial Value Fund III, the asset is fully leased, so rent is being collected while BKM carries out building and common-area work.
BKM Capital Partners paid $62 million in an off-market purchase of Goldenwest Circle Business Park, a 12-building, fully leased industrial park in Westminster, California, on behalf of BKM Industrial Value Fund III, Connect CRE reported. The price is about $270 a square foot and $5 million an acre.
The park spans 231,000 square feet on 12.3 acres at Bolsa Avenue and Interstate 405, with direct freeway frontage.
For limited partners in Industrial Value Fund III, the asset is fully leased, so rent is being collected while BKM carries out building and common-area work.
Brett Turner, a partner and chief investment officer at BKM, led the transaction and said the firm bought at a discount to replacement cost. "Acquiring it at a significant discount to replacement cost gives us room to reinvest in a location that already works for its tenants," he said.
Acquiring it at a significant discount to replacement cost gives us room to reinvest in a location that already works for its tenants.Brett Turner, partner and chief investment officer at BKM Capital Partners
Turner worked the deal alongside Michael Grossner, senior director of acquisitions and dispositions at BKM. Darla Longo at CBRE advised the unnamed seller. Turner said freeway frontage of this kind is rare in Orange County and rarely comes up for sale.
Reported by the Fundraising desk from Connect CRE. Published . Corrections