BKM and Kayne Anderson acquire Atlanta industrial campus for $100 million

BKM Capital Partners and Kayne Anderson Real Estate have acquired Northridge Commons, a 471,000-square-foot industrial campus in Sandy Springs, Ga., from Third & Urban for $100 million, according to IREI. The price works out to roughly $212 per square foot across the seven multitenant buildings.

The 38-acre campus runs along the GA-400 corridor in North Fulton County and is 90 percent leased. Built in 1981 and 1982 as a shallow-bay industrial park, it offers 14- to 19-foot clear heights, 18 dock-high doors and 80 grade-level doors. Suites average 7,849 square feet, with tenants in logistics, healthcare, life sciences, construction, and food and beverage. The acquisition lifts BKM's metro Atlanta holdings to about 1.5 million square feet, less than a year after the firm entered the market.

BKM reached the property through its local leasing relationships rather than a marketed process, IREI reported. "Going straight to the seller allowed us to secure exclusivity without a competitive process," Brett Turner, partner and managing director of acquisitions and dispositions, said in the report. Turner led the acquisition with Charlie Farmer, director of acquisitions and dispositions. Nathan Williams of Scotland Wright Associates facilitated the transaction.

The Sandy Springs acquisition follows two other industrial deals by the pair this month. PRED's records show a $57 million Fort Lauderdale park on Oct. 5 and a $103 million Orlando portfolio the next day. Of the three, this one has the oldest vintage and lowest occupancy.