BKM Capital Partners (BKM), a vertically integrated institutional fund manager specializing in multi-tenant light industrial properties, has purchased the Hannover Industrial Park in Fremont, Calif., for $43 million. The 165,243-square-foot property, acquired in an off-market transaction from an unnamed private seller, is located in Silicon Valley’s high-demand Interstate 880 Corridor. The asset was acquired on behalf of BKM Industrial Value Fund III.
Located at 4755–4900 Hannover Place and 4377 and 43815 S. Grimmer Boulevard, the park consists of six buildings housing nine units, with an average size of 18,360 square feet. It features a 14 percent overall office component as well as a secured 67,000-square-foot paved yard, found in less than 3 percent of the region’s industrial product. At 74 percent occupancy, the project presents an opportunity to lease up about a quarter of the net rentable area and recapture approximately 28 percent mark-to-market on in-place rents
