SAN DIEGO — BKM Capital Partners has purchased Canyon Industrial Center, a multi-tenant industrial park in San Diego’s Kearny Mesa submarket, for $70.2 million.
Situated at 9424-9560 Chesapeake Drive, Canyon Industrial Center features 198,728 square feet of space spread across 13 buildings, with a 31 percent office component.
Built in 1979, Canyon Industrial Center offers 49 units ranging in size form 552 square feet to 18,953 square feet with 14- to 20-foot clear heights, ample parking, 56 grade-level doors and seven dock-high doors.
BKM plans to invest more than $1.7 million to bring the property from Class B to Class A status, including upgrades to its roofs, HVAC systems, parking lots, paint, signage and landscaping. The company also plans to demolish and re-tenant two large industrial units, totaling 32,000 square feet, into four small-bay suites averaging 8,000 square feet.
At the time of sale, Canyon Industrial Center was 99 percent leased to 46 tenants.
Jeff Cole, Jeff Chiate and Bryce Aberg of Cushman & Wakefield represented the seller, a global investment advisor, while BKM represented itself in the transaction.