BKM Capital Partners and Kayne Anderson Real Estate have completed the acquisition of a large-scale light industrial portfolio from Link Logistics, marking a major expansion of their existing joint venture platform. The partners announced that they purchased an 8.5 million-square-foot, multi-tenant portfolio for $1.81 billion, a transaction described as the largest light industrial deal recorded since 2022.
The acquisition significantly increases the joint venture’s national footprint in the light industrial segment. With the newly acquired assets included, the platform now controls approximately 15 million square feet of multi-tenant light industrial space across U.S. markets. The deal is framed as a scale-building move that elevates the Kayne Anderson and BKM partnership into the ranks of the country’s largest owners of multi-tenant light industrial properties by square footage under management.
The portfolio consists of 51 multi-tenant light industrial properties located in major infill markets across California, Washington, Texas and Georgia. According to the announcement, the assets are currently averaging 90% occupancy, providing the joint venture with a stabilized base of existing tenants while still leaving some vacancy for lease-up and repositioning.
In addition to the buildings themselves, the transaction includes a dedicated operating infrastructure tied to the portfolio. That platform comprises eight offices and 40 employees who work across property management, leasing, construction and property accounting functions. The inclusion of the personnel and office network is intended to support ongoing operations and execution of the business plan for the newly acquired properties.
BKM has outlined a value-focused improvement strategy for the portfolio. Planned initiatives include targeted exterior upgrades to enhance curb appeal, roof and HVAC work to address physical plant needs, and market-ready improvements to prepare vacant suites for new tenants. The firm also intends to selectively reconfigure space to reduce office buildouts, aligning layouts more closely with light industrial user demand.
Al Rabil, co-founder and CEO of Kayne Anderson Real Estate, said the deal underscores the firm’s conviction in multi-tenant light industrial as an investment strategy and highlights its ability to partner with specialized operators such as BKM to build scaled, differentiated platforms in preferred markets. He characterized the segment as highly fragmented but supported by compelling fundamentals.
BKM founder, CEO and CIO Brian Malliet described the acquisition as the largest single expansion of BKM’s platform to date and consistent with its long-running approach in the multi-tenant light industrial space. He noted that the transaction both emphasizes the importance of specialized operating capabilities in the sector and adds meaningful scale at a time when institutional interest in light industrial is rapidly increasing.
Truist Securities served as financial advisor to Kayne Anderson Real Estate on the transaction. Additional transaction terms and financing details were not disclosed.
