BKM Capital Partners and the investment firm Kayne Anderson Real Estate have acquired a 51-property, 8.5 million-square-foot portfolio from the Link Logistics portfolio for $1.81 billion.
The acquired portfolio includes multi-tenant light industrial properties across top-tier infill markets in California, Georgia, Texas and Washington, consisting of nearly 2,000 units across 275 buildings. Approximately 90% of the properties are occupied.
The acquisition also encompasses a dedicated operating infrastructure, including eight offices and 40 employees spanning property management, leasing, construction and property accounting. The companies said this deal marks the largest light industrial transaction since 2022.
The new owners are planning targeted exterior upgrades, roof and HVAC work, market-ready improvements for vacant space and selective reconfiguration to reduce office buildout.
Al Rabil, co-founder and CEO of Kayne Anderson Real Estate, stated, “Multi-tenant light industrial remains a highly fragmented segment with compelling fundamentals, and this transaction reflects our conviction in the strategy as well as our ability to partner with leading operators such as BKM to build differentiated platforms in attractive markets.”
“This acquisition marks the largest addition to BKM’s platform to date and is representative of the strategy we have deployed in the multi-tenant light industrial space for years,” added Brian Malliet, BKM’s founder, CEO and chief investment officer. “It not only underscores the importance of deep operating expertise in this sector but also adds meaningful scale to our platform at a time when institutional interest in the light industrial segment is rapidly accelerating. This partnership combines Kayne Anderson Real Estate’s institutional capital and long-term investment perspective with BKM’s disciplined market-by-market execution and integrated, on-the-ground infrastructure that are essential to delivering a stronger day-to-day experience for our tenants and brokers.”
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