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JV Completes Fourth Industrial Acquisition In 12 Months

A building at Bayside Business Park in Fremont

BKM Capital Partners and Canyon Partners Real Estate have expanded their Bay Area industrial portfolio with the acquisition of two buildings at Bayside Business Park in Fremont. This purchase follows the JV’s acquisition of 12 adjacent multi-tenant buildings in November within the business park. The 14 buildings total over 352K SF.

This marks the fourth investment completed by BKM through its programmatic JV with Canyon Catalyst Fund, the CalPERS real estate emerging manager program managed by Canyon. This partnership targets multi-tenant industrial acquisitions. In addition to its assets at Bayside Business Park, the JV acquired Cabot Business Park in Hayward in 2017. The industrial portfolio has over 648K SF.

“As Silicon Valley continues to expand north into Fremont, the industrial market is uniquely positioned for companies seeking to serve the large corporate presence while providing convenient access to nearby workforce-housing communities,” BKM Capital Partners Director of Acquisitions Brett Turner said.

The two buildings are 100% leased, with one multi-tenant building averaging nearly 4K SF/tenant. The other building is occupied by BASF Corp., a German chemical company. A capital improvement plan will include upgrades to enhance the aesthetic of the portfolio.