BKM, Kayne Acquire Industrial Campus for $100M
Last year, the asset sold for nearly half.
BKM Capital Partners and Kayne Anderson Real Estate have acquired Northridge Commons, a 471,000-square-foot industrial campus in Sandy Springs, Ga., for $100 million. Third & Urban sold the asset after acquiring it for $56 million in February 2025, according to Yardi Matrix data.
Northridge Commons includes seven multi-tenant buildings on 38 acres. It was developed between 1981 and 1982 to operate as a shallow-bay industrial park. Suites range from 2,046 square feet to 39,221 square feet and the buildings offer 14- to 19-foot clear heights. There are 18 dock-high and 80 grade-level doors and rear-load configurations.
The campus is 90 percent leased. Its tenant roster includes specialists in logistics, healthcare, life sciences, construction and food and beverage.
BKM plans to reposition the campus to match the firm’s broader portfolio standards. Improvements will include exterior painting, enhanced building and tenant signage, and landscaping, along with parking lot repairs, roof upgrades and more energy-efficient HVAC systems. Vacant suites will be brought to market-ready condition, with stabilization targeted within 20 months of acquisition.
READ ALSO: Top 5 Industrial Projects Under Construction in Atlanta
Brett Turner, partner and managing director of acquisitions & dispositions, led the acquisition for BKM, along with Charlie Farmer, director of acquisitions & dispositions. Nathan Williams of Scotland Wright Associates helped facilitate the transaction between BKM and Third & Urban.
BKM is an institutional fund manager and operator focused on small- and mid-bay light industrial properties. The acquisition brings BKM’s metro Atlanta holdings to about 1.5 million square feet, not quite a year after the firm entered the market.
Kayne Anderson manages $21 billion in real estate assets. Recently its real estate arm raised $5.12 billion for its largest-ever opportunistic fund.
Atlanta industrial activity expands
Atlanta industrial development is brisk, with a larger development pipeline than a year earlier. Nearly 14 million square feet was underway at the end of May, more than double the volume recorded during the same period last year, according to Yardi Matrix. Sales volume also increased, reaching $1.3 billion through May, up from $770.4 million during the same period a year earlier.
PNK Group began construction in May on PNK 200, a spec industrial facility totaling about 1 million square feet in Griffin, Ga., outside Atlanta. PNK 200 is the second facility at the industrial park. PNK also developed a 306,000-square-foot manufacturing and distribution facility built-to-suit there for Rinnai America Corp.
In September, Sagard Real Estate acquired a four-building, 400,000-square-foot industrial property in Atlanta’s Fulton Industrial submarket. The purchase was made on behalf of Sagard Real Estate’s open-end core-plus real estate fund.
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