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A joint venture between BKM Capital Partners and BMA Capital Corp. has acquired Airport Way Corporate Park, a three-building, 140,693-square-foot industrial campus in Portland, Ore., for $24.5 million. The property will be rebranded as PDX Distribution Center.
Stockbridge Capital Group sold the asset, according to CommercialEdge data. CBRE worked on behalf of the seller, while the buyer was represented in-house.
Stockbridge acquired the facility in 2018 for $22.5 million, the same source shows.
BKM plans to implement a $1.3 million capital improvements program over the next eight months. The owner is targeting speculative tenant improvements and upgrades to roofs, parking lots and HVAC systems. A vacant office unit will be converted into a warehouse.
A total of 15 tenants occupied 97 percent of the property at the time of sale, according to DJC Oregon. The buildings, completed between 1992 and 2008, feature 16 units ranging from 3,666 to 32,533 square feet, 19 dock-high loading doors, 22 drive-in doors and up to 26-foot clear heights. About 36 percent of the space is office.
The tenant roster includes Vestas and Cardinal Health, which occupy a third of the campus. The park is at 12021 N.E. Airport Way, next to Portland International Airport and 3 miles from Port of Portland. Downtown Portland is within 11 miles.
BKM’s Portland industrial inventory
BKM Capital Partners’ industrial portfolio now encompasses 11 properties in the Portland metro, totaling nearly 950,000 square feet, according to CommercialEdge information.
Last year, the company acquired a five-building industrial park in Beaverton in an off-market transaction. The 451,062-square-foot asset traded for $67 million and was fully leased at the time of sale.
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