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| Valley Business Center, 700 West Mississippi Avenue Denver, CO |
DENVER,
CO – BKM Capital Partners,
an institutional fund manager with a niche focus on value-add, multi-tenant
light industrial investments, has acquired Valley Business Center, a
203,231 square-foot, five-building multi-tenant light industrial property in
Denver, Colorado. The industrial complex was acquired for $24.3 million.
“The
central Denver industrial submarket has consistently outperformed many of
Denver’s other major submarkets with historically low vacancy rates and high
demand,” says Brian Malliet, CEO and Co-Founder of BKM Capital Partners.
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| Brian Malliett |
“In fact, the industrial
vacancy rate in central Denver is 3.6 percent, which is well below the metro
average of 6.1 percent. The property is also strategically positioned between
downtown Denver, Cherry Creek and the Denver Tech Center, the largest office
submarkets in the city with projected employment rates in the metro region set
to increase by 26-percent by 2023.”
Malliet explains this asset will benefit from this ongoing growth in the
region and that this acquisition is consistent with the firm’s strategy to
acquire large-scale multi-tenant industrial properties in high-growth markets
where it can amass economies of scale and drive returns for investors through
its comprehensive value creation strategy.
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| Brett Turner |
“We target best-in-class markets where we have a growing
presence and assets that are aligned with our niche approach and core
investment thesis to enhance value through strategic improvements, leasing, and
integrated hands-on management,” says Malliet.
“We acquired Inverness Business Park, a
215,268 square-foot, eight-building multi-tenant industrial asset in Denver
last year. The addition of Valley Business Center will expand our portfolio as
we continue to seek out opportunities in the region and allow us to immediately
drive down operating costs.”
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| Murray Platt |
“Because of this, we were able to acquire the asset below replacement cost
and plan to implement a series of upgrades to the property, which include
modernizing the building facades with a multi-tone paint scheme and upgraded
materials, uniform landscaping, and revamped project standard signage and
addressing, among others,” says Turner.
“These strategic
upgrades will allow us to increase the long-term value of the asset.”
Valley Business Center is currently 100 percent occupied and features 20
different tenants including FedEx Kinkos, Colorado Lottery, Black & Decker
and Municipal Energy Systems to name a few.
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| Doug Viseur |
“The staggered rent rolls
also allow us to capitalize on ongoing rent appreciation over the next few
years as the Denver market continues to mature and the lack of available land
for new development continues to drive demand to the property.”
BKM
Capital Partners acquired Valley Business Center from Mountain West Industrial Properties.
Murray Platt, Doug Viseur, and Daniel Close at CBRE
represented the seller in the transaction. BKM represented itself.
The property is located at 700 West Mississippi Avenue in Denver,
Colorado near a strong network of surrounding highways including Highway 85 and
Denver’s main artery, Interstate 25.
BKM Capital Partners, currently raising their second institutional fund,
was founded in 2013 by Brian Malliet and Nima Taghavi.
Headquartered in Newport Beach, California, BKM Capital Partners is a fund manager specializing in the acquisition and improvement of value-add multi-tenant industrial properties in metro areas across the Western U.S.
Combining a deep knowledge of this niche industrial product type with an operator platform that includes in-house capabilities including on-site property management, asset management, and construction management, the firm continues to build on its proven track record, generating strong results with high levels of transparency and engagement for investors.
Additional information is available at www.bkmcapitalpartners.com.
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| Daniel Close |
Headquartered in Newport Beach, California, BKM Capital Partners is a fund manager specializing in the acquisition and improvement of value-add multi-tenant industrial properties in metro areas across the Western U.S.
Combining a deep knowledge of this niche industrial product type with an operator platform that includes in-house capabilities including on-site property management, asset management, and construction management, the firm continues to build on its proven track record, generating strong results with high levels of transparency and engagement for investors.
Additional information is available at www.bkmcapitalpartners.com.
CONTACTS:
Alex
Caswell/Lexi Astfalk
Brower Group
(949) 955-7940
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