GARDEN GROVE, CA-Costa Mesa-based bkm Development has acquired the 46,000-sf Western Lampson Business Park with $12.1 million in financing that was arranged by Chicago-based Wrightwood Capital. The 24-month acquisition loan, in addition to financing the purchase, will provide capital for the construction of the project in a vacant industrial building that will be renovated.
The Western Lampson Business Park, at the corner of Western Avenue and Lampson, will be renovated to "make the existing structure have the look and feel of a brand new industrial building," according to David Kadin of the Newport Beach office of Wrightwood, who originated the deal. In addition to the existing 46,000-sf building, the site includes excess parking on which two additional industrial buildings totaling 57,000 sf will be constructed.
The two new industrial structures will be divided into smaller condominium units and offered for sale to individual buyers. BKM specializes in acquiring and developing industrial property, primarily by replacing larger manufacturing sites with smaller industrial buildings similar to Western Lampson Business Park.
The Western Lampson Business Park project is one of a host of bkm projects in Southern California, including developments in Los Angeles, Orange and San Diego counties. Among the largest are the 554,000-sf Cypress Business Park in Cypress and the 535,000-sf Oceanside Gateway Business Park in Oceanside.
The Cypress Business Park is at the site of the former Panasonic Corp. West Coast distribution center, which bkm bought last year in a deal reported on GlobeSt.com. The Oceanside development occupies former farmland and a nursery.
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