LAS VEGAS — BKM Capital Partners has purchased Hughes Airport Center, a 13-building, multi-tenant industrial complex in Las Vegas, for $92 million. The properties are situated in the industrial pocket between McCarran International Airport and interstates 15 and 215.
Hughes Airport Center contains 3.3 million square feet of Class A industrial space and Class B office space. The 420-acre, master-planned business park has access to nearby retail and entertainment amenities like Town Square shopping center, Las Vegas Premium Outlets South, Tahiti Village, Callaway Golf Center, Bali Hai Golf Club and Sunset Park.
The business park has recently undergone a slew of improvements, including new paint to building exteriors, asphalt and parking lot repairs, roof repair, and upgraded landscaping, monument signage and tenant signage. Rents at Hughes Airport Center typically range between $0.90 per square foot and $1.30 per square foot.
Notable tenants at the center include Geotab, CanvasPop, Medical Transportation Management, Climatec, Credit One Bank, North American Video, LabCorp of America and Harman International. Hughes Airport Center marks BKM’s fifth industrial park acquisition in the Las Vegas Valley.
“This is a best-in-class asset, the largest of its scale in the Las Vegas airport submarket and our firm’s biggest transaction to date,” says Brian Malliet, co-founder and CEO of BKM Capital Partners.
The seller was a joint venture between Oaktree Capital and CIP Real Estate. CIT Group’s Real Estate Finance business provided the senior secured credit facility to BKM, which is currently raising its second institutional fund.
BKM Capital Partners is a Newport Beach, Calif.-based fund manager specializing in the acquisition and improvement of value-add, multi-tenant industrial properties in metro areas across the Western U.S.
— Nellie Day