BKM Pays $63M for Portland Industrial Park
BKM Capital Partners has paid $62.7 million for Columbia Commerce Park, a 10-building, 375,429-square-foot light industrial campus in Portland, Ore. Clarion Partners was the seller, having owned the property since 2005, according to CommercialEdge information.
Following the acquisition, the firm plans to invest approximately $3 million in upgrades to parking lots, landscaping, roofs, interior finishes, HVAC systems and signage.
According to BKM, the improvements are meant to rectify a 21 percent shortfall in occupancy and to bring most the Class B campus’ rents up to market rate. Additionally, the company intends to re-tenant some of the existing units. The property was 93 percent leased at the time of sale to a diverse mix of tenants.
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Completed in 1998, the property houses 30 shallow- and mid-bay units that range from 1,882 to 49,525 square feet, each having up to 22-foot clear heights. The campus totals 68 dock-high and 26 grade-level loading doors. As part of the renovations, BKM plans to partition a 30,000-square-foot unit into two 15,000-square-foot shallow-bay spaces.
Located at 5743 NE Columbia Blvd., the campus is adjacent to U.S. Route 30, which feeds into intersections with interstates 5, 84 and 205. Downtown Portland is 5 miles southwest, while the city’s international airport is 3 miles away, across the Columbia River.
BKM’s been keeping busy
Columbia Commerce Park is BKM’s fourth industrial acquisition this year, and its second in Portland. In February, the firm partnered with BMA Capital Corp. for the purchase of Airport Way Corporate Park, a three-building, 140,693-square-foot industrial campus also slated for capital improvements. BKM’s local portfolio currently totals 1.5 million square feet across seven properties.
Earlier this year, the Newport Beach, Calif.-based buyer acquired industrial spaces in San Diego, San Jose, Denver and Fort Lauderdale, Fla. The firm has absorbed more than 2.4 million square feet of space in the Western and Southeastern U.S. since the beginning of 2024.
BKM has also been busy on the disposition side. Just last week, the firm sold Broadwood Business Centre, a 165,154-square-foot light industrial property in Mesa, Ariz. The property sold for nearly $33 million.
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