BKM Capital Partners has made a significant move in Portland's industrial real estate market with the acquisition of Airport Way Corporate Park for $24.5 million. The transaction adds a 140,693-square-foot multi-tenant infill industrial park to BKM's burgeoning portfolio.
According to ConnectCRE, the property is ideally situated in Portland’s highly trafficked Airport Way Corridor, making it a key logistics hub. Having been built in phases from 1992 to 2008, the park was represented by Paige Morgan, Brett Hartzell, and Cara Nolan of CBRE, on behalf of the unnamed seller.
"Portland, and specifically the Airport submarket, is a major target market for BKM; we acquired a facility down the road a year ago," Brett Turner, of BKM, declared in a statement obtained by The Registry. Turner's acknowledgment of a previous acquisition underscores a strategic pattern of growth within the area.
Fully addressing the needs of the tenants, BKM plans to conduct extensive upgrades with an investment exceeding $1.3 million. Details shared by REBusinessOnline highlight the renovation plans, including roof and parking lot refurbishments, refreshed landscaping, and a modernized paint scheme, which will revamp the facility's aesthetic. An underutilized vacant unit, part of the three buildings, will be also converted into functional warehouse space, thereby reducing the overall office buildout at the property.
The business park, widely recognized for its proximity to Portland International Airport and vital transportation nodes like the I-205 freeway, is slated to be renamed the PDX Distribution Center. In its current form, the park boasts features such as dock-high and grade-level loading doors, concrete truck courts, and ample parking, catering to the robust demands of industrial tenants. At the time of sale, the park's occupancy stood at 97 percent, with a diverse mix of 15 tenants calling it home.
