BKM Capital Partners Recapitalizes Pacific Business Center in Henderson for $154 Million
Deal News | Jan 23, 2025 | BKM Capital Partners LP
BKM Capital Partners, a real estate investment firm focused on light industrial and logistics properties, has successfully completed a $154 million recapitalization of the Pacific Business Center, located in Henderson, Nevada. The Class A multi-tenant industrial property spans 748,813 square feet and is in a prime location within the Las Vegas submarket. This recapitalization was completed in partnership with StepStone Real Estate, the real estate arm of StepStone Group. BKM has been active in acquiring high-quality industrial assets below replacement cost and manages a portfolio exceeding ten million square feet throughout the Western U.S. Pacific Business Center, currently 90% occupied, offers potential for rent growth as its rents are 30% below market rate. This recapitalization represents a strategic growth step for BKM, aiming to maximize asset value with StepStone Real Estate. The Pacific Business Center has undergone significant capital improvements, enhancing its industrial features.
Sectors
- Real Estate Investment
- Industrial Property Management
Geography
- United States – The article is centered on a transaction involving a property in Nevada, and the activities of a U.S.-based firm with a portfolio spanning the Western U.S.
- Nevada – The specific location of the recapitalized property, Pacific Business Center, is in Henderson, Nevada.
Industry
- Real Estate Investment – The article discusses a real estate investment transaction involving the recapitalization of a multi-tenant industrial property by BKM Capital Partners and StepStone Real Estate.
- Industrial Property Management – The article focuses on the management and strategic acquisition of industrial properties, particularly multi-tenant facilities, by BKM Capital Partners.
Financials
- $154 million – Total recapitalization transaction value for the Pacific Business Center.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| BKM Capital Partners LP | Buyer/Recapitalizing Firm | Company | A leading real estate investment firm specializing in light industrial and logistics properties. |
| StepStone Real Estate | Partner/Recapitalizing Firm | Company | The real estate arm of StepStone Group, partnering with BKM Capital Partners in the recapitalization. |
| Pacific Business Center | Target company | Company | A multi-tenant industrial property in Henderson, Nevada, subject to the $154 million recapitalization. |
| Brian Malliet | CEO | Person | Founder, CEO, and CIO of BKM Capital Partners. |
| John Waters | Partner and Head of Investments | Person | Partner and Head of Investments at StepStone Real Estate. |