BKM and Kayne Anderson acquire 543,000-square-foot Orlando industrial portfolio
The four-property portfolio is 95 percent occupied and lifts BKM's Central Florida holdings to 13 properties and more than 1 million square feet.
At a glance
The four-property portfolio is 95 percent occupied and lifts BKM's Central Florida holdings to 13 properties and more than 1 million square feet.
BKM Capital Partners and Kayne Anderson Real Estate have acquired a four-property, 543,000-square-foot light industrial portfolio in central Orlando, IREI reported on Oct.
The portfolio spans seven buildings and 22 units, is 95 percent occupied and carries a 4.3-year weighted average lease term.
BKM Capital Partners and Kayne Anderson Real Estate have acquired a four-property, 543,000-square-foot light industrial portfolio in central Orlando, IREI reported on Oct. 16. The properties sit in the 33rd Street/McLeod and Silver Star corridors.
The portfolio spans seven buildings and 22 units, is 95 percent occupied and carries a 4.3-year weighted average lease term. The buildings offer clear heights of 16 to 28 feet and a 1:4,000-square-foot loading ratio. Two of the four properties will join BKM's Gridline Orlando portfolio; two will operate as stand-alone assets:
| Property | Buildings | Square feet |
|---|---|---|
| Gridline | District 4 (formerly 4600–4680 LB McLeod Road) | 3 | 208,000 |
| Gridline | East Block (formerly 3600 Vineland Road) | 1 | 117,000 |
| Bryn Mawr Distribution Center (formerly 3785–3831 Bryn Mawr) | 2 | 121,000 |
| Seaboard Industrial Center (formerly 4500 Seaboard Road) | 1 | 97,000 |
IREI did not disclose a price; PRED reported the same buyers closed an Orlando portfolio of the same size and occupancy at $103 million on Oct. 6. If that is the same portfolio, the price works out to about $190 per square foot.
The acquisition brings BKM's Central Florida holdings to 13 properties totaling more than 1 million square feet.
"We had transacted with this seller before, and we already knew this real estate, so we weren't starting diligence from scratch on a portfolio this size," said Brett Turner, a partner and managing director of acquisitions and dispositions at BKM. IREI did not name the seller. PRED also recorded October deals for the pair: a $100 million Sandy Springs campus and $57 million Fort Lauderdale industrial park.
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