Buying Low Without Overspending on Improvements

Turner: “Multitenant industrial is really expensive to build, so we haven’t seen new construction in well over a decade—maybe closer to 20 years depending on market.”

IRVINE, CA—A little bit of paint goes a long way toward making an older asset look closer to new, BKM Capital Partners’ director of acquisitions Brett Turner tells GlobeSt.com. The firm recently acquired Spencer Airport Center, a seven-building 177,597-square-foot multi-tenant industrial park in Las Vegas, for $15.6 million from what RCA Analytics reports was Guardian Financial Services. The firm purchased this particular asset at 40% below replacement costs and plans to implement a series of capital improvements to capitalize on the continued growth of the region. We spoke exclusively with Turner about the firm’s activities as well as strategies for buying low while remaining within budget on improvements.

GlobeSt.com: What has your firm been up to lately?