Link Logistics Sells Light Industrial Portfolio for $1.8B
This 8.5-million-square-foot collection includes 51 properties.
BKM Capital Partners and Kayne Anderson Real Estate have acquired an 8.5-million-square-foot light industrial portfolio spanning 51 properties in four states. Link Logistics sold the assets for $1.8 billion.
The deal is the largest light industrial transaction since 2022, according to the new owners.
The transaction also significantly expands the footprint and operating platform of the $1.5 billion joint venture between BKM and Kayne launched in May 2025. The joint venture targets value-add light industrial and small-bay opportunities.
Last week, Kayne Anderson Real Estate, the real estate private equity arm of Kayne Anderson Capital Advisors, had the final close of its largest-ever equity fund, with about $5.1 billion in capital commitments. That fund’s acquisition targets also include light industrial assets as well as medical office, senior and student housing.
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Link Logistics has been refining its national portfolio since 2025, when it began a series of dispositions. Most recently, Link Logistics sold two infill big-box warehouses totaling nearly 1.5 million square feet in Rialto, Calif., to Premier Logistics Properties and Penwood Real Estate Management.
With this latest transaction, the BKM and Kayne Anderson joint venture has approximately 15 million square feet of assets under management. It is also now one of the largest owner-operators of multi-tenant light industrial assets in the U.S.
The properties in the portfolio are located in California, Washington, Texas and Georgia. The portfolio is approximately 90 percent occupied and consists of nearly 2,000 units across 275 buildings in infill submarkets within high-growth markets.
BKM’s business plan for the assets includes targeted exterior upgrades, roof and HVAC work, market-ready improvements for vacant space and selective reconfiguration to reduce office buildout. Overall office buildout is expected to decline from 37 percent to 33 percent, with more selective office conversion work planned at select assets.
Truist Securities served as financial advisor to Kayne Anderson Real Estate. CBRE National Partners Vice Chair Darla Longo advised BKM in the transaction. BKM was represented internally by a team led by Brett Turner, senior managing director, acquisitions & dispositions, with assistance from Michael Grossner, senior director of acquisitions & dispositions, and Charlie Farmer, director of acquisitions & dispositions.
Portfolio highlights
The majority of the portfolio is in California. There are 19 properties with 144 buildings and 1,113 units across 3.1 million square feet in Southern California. Markets include Inland Empire, Los Angeles and Orange County. In Northern California, the portfolio has eight East Bay properties with 49 buildings and 304 units across 1.5 million square feet in Hayward, North San Jose, Fremont and Santa Clara, Calif.
Southern California properties in the portfolio include Archibald Business Center and Golden West Business Park, both in the Inland Empire’s Airport submarket; Chatsworth Business Center in the San Fernando Valley; Commerce Park Anaheim Business Park in Anaheim, Calif.; Garden Grove Business Park in Garden Grove, Calif.; and North County Business Park in Yorba Linda, Calif.
Northern California properties include Diablo Industrial Park, Bay Center Business Park 1, Eden Landing Industrial Park and Parkway Commerce Center, all in Hayward. The San Tomas Business Park in Santa Clara and Bayview Business Park in Fremont are also part of the East Bay area assets.
Texas assets represent 27 percent of the acquisition by square footage. There are 11 properties with 53 buildings and 300 units across 2.3 million square feet. Properties are located in the Austin and Dallas markets. They include Jupiter Business Park and The Summit Business Park, both in Plano, Texas, and Braker Business Park and Rutland Business Park, both in North Austin.
The portfolio includes six properties in the Seattle metro. There are 15 buildings with 91 units across 901,000 square feet with assets in the Kent Valley and Northend industrial markets. Properties include 212th Business Park and Andover Distribution Center, both in the Kent Valley submarket.
There are seven properties across 14 buildings with 78 units across 630,000 square feet in the Atlanta metro. Assets include Norcross Industrial Court, Peachtree Corners East and McDonough Circle, all in Norcross, Ga., along with Atwater Court in Buford, Ga.
BKM stated the Georgia assets bring the firm’s Atlanta-area holdings to more than 1 million square feet. The BKM and Kayne Anderson joint venture entered the Georgia market in February with the acquisition of a six-property light industrial portfolio across Atlanta’s northwest and northeast submarkets for $69.5 million. Berkeley Partners and Brookfield Secondaries Group were the sellers.
BKM expands local office footprint
BKM is based in Newport Beach, Calif., and is the largest institutional fund manager and operator of light industrial properties in the U.S. Since its inception in 2013, BKM has acquired nearly 40 million square feet of light industrial properties valued at nearly $8 billion. The joint venture acquisition is the largest addition to BKM’s operating platform.
The transaction adds scale to the platform at a time when institutional interest in the light industrial segment is rapidly accelerating, according to Brian Malliet, BKM’s founder, CEO and chief investment officer.
The firm will add eight new offices to manage the platform’s operations. BKM will open five offices in Los Angeles and Orange counties and new locations in San Jose, Calif., and Austin, Texas.
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