{"id":1004106185,"date":"2014-10-24T13:48:24","date_gmt":"2014-10-24T21:48:24","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=301522"},"modified":"2022-12-09T02:29:03","modified_gmt":"2022-12-09T10:29:03","slug":"bkm-capital-acquires-black-canyon-business-park-plans-5m-upgrade","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bkm-capital-acquires-black-canyon-business-park-plans-5m-upgrade\/","title":{"rendered":"BKM Capital Acquires Black Canyon Business Park, Plans $5M Upgrade"},"content":{"rendered":"<p><em>By Liviu Oltean, Associate Editor<\/em><\/p>\n<div id=\"attachment_301523\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/10\/Black-Canyone-Business-Park.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-301523\" title=\"Black Canyone Business Park\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/10\/Black-Canyone-Business-Park.jpg\" alt=\"\" width=\"300\" height=\"185\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Black Canyon Business Park<\/p>\n<\/div>\n<p>BKM Capital Partners plans a major upgrade for Black Canyon Business Park in Phoenix after buying it as part of a three-property, $42.8 million deal. The Irvine, Calif.-based firm acquired the asset for $13.1 million or $59.71 per square foot.<\/p>\n<p>Also included in the portfolio was Hayden Island Business Park in Portland, Ore., and Patrick Commerce Center in Las Vegas.<\/p>\n<p>Shortly before the acquisition, the 219,410-square-foot Black Canyon property lost its main tenants, which cut occupancy from 95 percent to 34 percent. BKM is planning to invest over $5 million in the asset, with an eye toward repositioning Black Canyon as a traditional multi-tenant industrial park.<\/p>\n<p>The acquisition was the first for BKM Industrial Value Fund I L.P., a $300 million commingled fund scheduled to close next March, according to Brian Malliet, the firm\u2019s CEO.<\/p>\n<p>\u201cWe are active on both the acquisition and capital raising fronts as we near the close of a productive 2014,\u201d Malliet said in a statement. \u201cI believe we are the only fund manager in market specifically targeting value-add multi-tenant industrial properties in this geography. As such, we are excited at the opportunity to assemble within the fund an optimal portfolio of assets precisely fitting our investment criteria, starting with these three.\u201d<\/p>\n<p>\u201cUndermarket opportunities still exist in the multi-tenant industrial niche. We have been successful in finding and acquiring properties at approximately 40 percent off replacement cost and 50 percent off peak market value on a per square foot basis,\u201d Malliet added. \u2018Buying right\u2019, as we say, and then fixing what is broken in each acquisition, are the fundamentals of our strategy.\u201d<\/p>\n<p><em>Image Courtesy of BKM Capital Partners via <\/em><a href=\"https:\/\/bkmcapitalpartners.com\/\"><em>Official Website<\/em><\/a><em>\u00a0\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BKM Capital Partners, a California-based collaborative investment firm, has recently acquired a three-property office portfolio for $42.8 million. The portfolio comprises the Black Canyon Business Park in Phoenix; the Hayden Island Business Park in Portland; and the Patrick Commerce Center in Las Vegas.<\/p>\n","protected":false},"author":1158,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1601],"tags":[],"class_list":["post-1004106185","post","type-post","status-publish","format-standard","hentry","category-latest","category-phoenix"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>BKM Capital Acquires Black Canyon Business Park, Plans $5M Upgrade - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/bkm-capital-acquires-black-canyon-business-park-plans-5m-upgrade\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BKM Capital Acquires Black Canyon Business Park, Plans $5M Upgrade\" \/>\n<meta property=\"og:description\" content=\"BKM Capital Partners, a California-based collaborative investment firm, has recently acquired a three-property office portfolio for $42.8 million. The portfolio comprises the Black Canyon Business Park in Phoenix; the Hayden Island Business Park in Portland; and the Patrick Commerce Center in Las Vegas.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bkm-capital-acquires-black-canyon-business-park-plans-5m-upgrade\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-10-24T21:48:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:29:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/10\/Black-Canyone-Business-Park.jpg\" \/>\n<meta name=\"author\" content=\"Liviu Oltean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bkm-capital-acquires-black-canyon-business-park-plans-5m-upgrade\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bkm-capital-acquires-black-canyon-business-park-plans-5m-upgrade\\\/\"},\"author\":{\"name\":\"Liviu Oltean\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/a12696609e74785a9cb5f8f7eae8bbd0\"},\"headline\":\"BKM Capital Acquires Black Canyon Business Park, Plans $5M Upgrade\",\"datePublished\":\"2014-10-24T21:48:24+00:00\",\"dateModified\":\"2022-12-09T10:29:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bkm-capital-acquires-black-canyon-business-park-plans-5m-upgrade\\\/\"},\"wordCount\":287,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bkm-capital-acquires-black-canyon-business-park-plans-5m-upgrade\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/10\\\/Black-Canyone-Business-Park.jpg\",\"articleSection\":[\"News\",\"Phoenix\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bkm-capital-acquires-black-canyon-business-park-plans-5m-upgrade\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bkm-capital-acquires-black-canyon-business-park-plans-5m-upgrade\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bkm-capital-acquires-black-canyon-business-park-plans-5m-upgrade\\\/\",\"name\":\"BKM Capital Acquires Black Canyon Business Park, Plans $5M Upgrade - 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