East Bay buildings bought as part of $1.8 billion real estate deal (original) (raw)
Multiple East Bay work hubs were bought by a real estate alliance for a combined 63millionaspartofanoverall63 million as part of an overall 63millionaspartofanoverall1.81 billion deal to buy logistics, industrial, and commercial properties in four states, including California.
The buildings were purchased by a venture consisting of BKM Capital Partners and Kanye Anderson Real Estate, according to documents filed on June 8 with the Alameda County Assessor’s Office.
26269 Research Road, a commercial and industrial building in Hayward, seen in 2022. (Google Maps)
Affiliates of BKM Capital and Kanye Anderson paid 39milliontoaffiliatesofPSBusinessParksfortwoFremontbuildingsat48000FremontBlvd.and39 million to affiliates of PS Business Parks for two Fremont buildings at 48000 Fremont Blvd. and 39milliontoaffiliatesofPSBusinessParksfortwoFremontbuildingsat48000FremontBlvd.and24 million for a Hayward building at 26269 Research Rd., county real estate records show.
In addition to Bay Area properties, Kanye Anderson and BKM Capital bought buildings in Los Angeles County, Orange County, San Bernardino County, Riverside County, Texas, Georgia, and Washington state, the companies said.
BKM and Kanye Anderson purchased an overall portfolio that totals 8.5 million square feet.
“This acquisition marks the largest addition to BKM’s platform to date,” said Brian Malliet, BKM’s chief executive officer. “Institutional interest in the light industrial segment is rapidly accelerating.”
Real estate investors have been willing to pay robust prices for East Bay industrial, logistics, and commercial hubs in recent months, a review of public documents shows.
Tech companies have also scouted for East Bay industrial buildings, including artificial intelligence upstart OpenAI, which leased a Richmond building near one of that city’s waterfronts.
Investor interest and rising property values for logistics and industrial buildings have materialized at a time when waves of fading property values, delinquent loans and foreclosures have swamped the Bay Area’s office, hotel and apartment markets.