At a glance
- The 12-building park sits on 12.3 acres at Bolsa Avenue and Interstate 405 and holds 36 units ranging from 1,700 to 20,000 square feet, IREI reported on Nov. 13.
- For Fund III investors, income at closing comes from a single fully leased infill park whose largest tenant is a dealership, so the term of that lease is the first item to check.
- According to IREI, Turner said, “Freeway frontage like this is rare in Orange County, and it rarely comes up for sale.”
BKM Capital Partners paid $62 million for Goldenwest Circle Business Park, a 231,000-square-foot industrial park in Westminster, Calif., on behalf of BKM Industrial Value Fund III.
The 12-building park sits on 12.3 acres at Bolsa Avenue and Interstate 405 and holds 36 units ranging from 1,700 to 20,000 square feet, IREI reported on Nov. 13. Units average about 6,400 square feet. It traded off-market and was fully occupied at acquisition.
For Fund III investors, income at closing comes from a single fully leased infill park whose largest tenant is a dealership, so the term of that lease is the first item to check. Brett Turner, partner and CIO at BKM, said the park was bought at a significant discount to replacement cost.
According to IREI, Turner said, “Freeway frontage like this is rare in Orange County, and it rarely comes up for sale.” The park's largest tenant, Huntington Beach Harley-Davidson, runs one of the brand's highest-volume dealerships in the world.
Private Wealth Daily previously reported that the purchase valued the park at about $270 a square foot. The Westminster deal is one of several industrial buys BKM has closed this fall. In October the firm and Kayne Anderson bought a $100 million Sandy Springs industrial campus in metro Atlanta.
Freeway frontage like this is rare in Orange County, and it rarely comes up for sale.Brett Turner, partner and CIO at BKM Capital Partners
Reported by the Deals desk from IREI and Private Wealth Daily archive. Published . Corrections