BKM Capital Partners (BKM) recently purchased the West Belt Business Park in Houston, Texas for $34.1 million, marking their first acquisition in the state and expanding their presence to seven states across the Western U.S.
The industrial park spans 260,887 square feet and is located at 10611-10641 Harwin Drive in Southwest Houston. It consists of five buildings with a total of 30 tenant spaces ranging from 770 to 23,000 square feet. The property is fully leased to a diverse mix of tenants from various industries such as home maintenance, logistics, and technology.
According to Brett Turner of BKM Capital Partners: “This was an exceptional opportunity for us to acquire high-quality light industrial space in a strong market at a significant discount compared to replacement cost.”
With an average tenant lease term of 2.9 years, BKM plans on addressing an existing gap by implementing strategic improvements worth $3.3 million that will include upgrades such as roofing enhancements, architectural updates,parking area improvements landscaping enhancements signage upgrades,and tenant improvement projects.
Overall,BKM’s recent acquisition adds warehouses in Houston,Texas,to its growing portfolio within the industrial sector.
