**BKM Capital Partners, Kayne Anderson Acquire Pleasant Hill Industrial Park for $25M**
BKM Capital Partners and Kayne Anderson Real Estate have acquired Pleasant Hill Industrial Park in Pleasant Hill, California, for $25 million. The property, located at 2420-2495 Estand Way, includes four buildings totaling 104,010 square feet and encompasses 16 units. Currently, the facility is 89% leased to 15 tenants.
“This acquisition was particularly attractive not only because of the property’s virtually irreplaceable functionality and strategic location, but also due to the unique circumstances surrounding the transaction,” said Brett Turner, Senior Managing Director of Acquisitions at BKM. “Pleasant Hill was part of a larger, three-million-square-foot portfolio of primarily big box space. The seller approached BKM directly to execute an efficient cash transaction. With limited competitive pressure, we were able to negotiate favorable pricing at a significant discount, while allowing the seller to focus their attention on the broader portfolio sale.”
BKM plans to rebrand and reposition the asset with a comprehensive capital improvement initiative valued at approximately $1.7 million.
The seller, Lowenberg Corp., a privately held Bay Area real estate firm, was represented by Eastdil. Brett Turner led the acquisition on behalf of BKM, supported by Michael Grossner, Director of Acquisitions & Dispositions.
