BKM Capital Partners and Kayne Anderson Real Estate acquired Pleasant Hill Industrial Park in Pleasant Hill for $25 million. Located at 2420-2495 Estand Way, Pleasant Hill Industrial Park comprises four buildings totaling 104,010 square feet and 16 units. The property 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 intends to rebrand and reposition the asset, having earmarked approximately $1.7 million for a comprehensive capital improvement initiative.
Eastdil represented the seller, Lowenberg Corp., a privately held Bay Area real estate firm. Turner led the acquisition process for BKM, supported by Michael Grossner, director of acquisitions & dispositions.
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