PGIM Real Estate, a leading real estate investment firm, has recently provided $51 million in floating rate acquisition financing for BKM Capital Partners. The financing is part of PGIM’s core plus debt strategy and will be used for the acquisition, renovation and leasing costs of Canyon Industrial Center. This industrial park is located in San Diego’s Kearny Mesa submarket.
BKM Capital Partners announced their $70.2-million acquisition of Canyon Industrial Center last month. The property offers 198,728 square feet of shallow-bay industrial space across 13 buildings and is conveniently located near major transportation hubs such as I-15/SR-52/SR-163, the San Diego International Airport and the Port of San Diego.
According to Trent Brown, executive director at PGIM Real Estate who led the financing on behalf of the firm: “San Diego’s industrial market continues to experience strong investment and leasing activity.” He also added that Canyon Industrial Center is well-positioned to meet local demand with its flexible warehouse and office space options as well as dock/grade-level loading capabilities.
Through their core-plus lending platform, PGIM Real Estate aims to support BKM Capital Partner’s acquisition plans while contributing towards further growth in San Diego’s thriving industrial market.
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