BKM Capital Partners and Kayne Anderson Real Estate Acquire $1.81 Billion Light Industrial Portfolio from Link Logistics
NEWPORT BEACH, Calif. and BOCA RATON, Fla., June 3, 2026 — BKM Capital Partners and Kayne Anderson Real Estate have completed a $1.81 billion real estate acquisition of an 8.5-million-square-foot multi-tenant light industrial portfolio from Link Logistics, the firms announced Tuesday. The deal, which encompasses 51 properties across California, Texas, Washington, and Georgia, is described as the largest light industrial transaction since 2022 and positions the joint venture as one of the largest owner-operators of multi-tenant light industrial assets in the United States.
Deal Overview: Scale, Geography, and Industrial Real Estate Strategy
The portfolio consists of approximately 275 buildings and nearly 2,000 units, all situated in infill submarkets within high-growth markets. The properties are approximately 90% occupied at the time of acquisition. The transaction also includes an operating infrastructure component: eight offices and 40 employees spanning property management, leasing, construction, and property accounting.
With the addition, the joint venture between BKM Capital Partners and Kayne Anderson Real Estate now manages approximately 15 million square feet. BKM will expand to nearly 200 employees across 25 offices nationwide, absorbing the acquired teams and adding new local office locations, including five in Los Angeles and Orange County and new outposts in San Jose and Austin.
"This acquisition marks the largest addition to BKM's platform to date and is representative of the strategy we have deployed in the multi-tenant light industrial space for years," said Brian Malliet, BKM's Founder, CEO and Chief Investment Officer. "It not only underscores the importance of deep operating expertise in this sector but also adds meaningful scale to our platform at a time when institutional interest in the light industrial segment is rapidly accelerating. This partnership combines Kayne Anderson Real Estate's institutional capital and long-term investment perspective with BKM's disciplined market-by-market execution and integrated, on-the-ground infrastructure that are essential to delivering a stronger day-to-day experience for our tenants and brokers."
Geographic Breakdown: California, Texas, Seattle, and Atlanta
Nearly half of the acquired portfolio — more than 4.6 million square feet across 27 properties — is located in California. Of that California total, approximately 3.1 million square feet are concentrated in Southern California, with eight assets in Los Angeles, eight in Orange County, and three in the Inland Empire. An additional 1.5 million square feet is located across eight properties in Northern California's East Bay submarket.
Texas accounts for roughly a quarter of the portfolio, or 2.3 million square feet, spread across 11 properties — seven in Austin and four in Dallas. The transaction also adds six properties totaling more than 900,000 square feet in the Metro Seattle area. In Georgia, a market BKM entered earlier in 2026, the deal adds seven assets, bringing the firm's Atlanta-area holdings to more than one million square feet.
Value-Add Business Plan: Office Conversion and Capital Improvements
BKM Capital Partners has outlined a value-add business plan for the acquired industrial real estate assets that includes targeted exterior upgrades, roof and HVAC work, market-ready improvements for vacant space, and selective reconfiguration to reduce office buildout. The portfolio's current office buildout stands at 37%, with a target of reducing that figure to 33% overall. More significant office conversion work is planned at select assets.
"We approached this as more than a real estate acquisition," said Brett Turner, Senior Managing Director, Acquisitions & Dispositions, at BKM. "Through historical knowledge, we developed a detailed understanding of the assets, the operating model behind them and the markets they serve. By the time the opportunity came together, there was already a high level of familiarity with the portfolio and confidence in BKM's ability to take it on."
Mason Waite, BKM's Senior Managing Director of Asset Management, emphasized the operational dimension of the transaction. "We are adding teams and market coverage that give us greater depth in key regions from day one. That should help us lease space more quickly, execute capital projects more efficiently, bring suites to market sooner and deliver a stronger day-to-day experience for tenants and brokers across the portfolio," Waite said.
Institutional Capital and Integrated Real Estate Operations
For Kayne Anderson Real Estate, the transaction reflects a continued focus on sectors with what the firm describes as durable demand drivers and opportunities to create value through scale and vertical integration. "Multi-tenant light industrial remains a highly fragmented segment with compelling fundamentals, and this transaction reflects our conviction in the strategy as well as our ability to partner with leading operators such as BKM to build differentiated platforms in attractive markets," said Al Rabil, Co-Founder and CEO of Kayne Anderson Real Estate.
The deal structure combines Kayne Anderson Real Estate's institutional capital with BKM Capital Partners' market execution and integrated real estate operating platform. The absorption of 40 employees and eight offices from the Link Logistics portfolio is intended to deepen local market coverage and operational density across the newly acquired assets from the outset.
BKM has indicated it intends to remain active on both individual asset acquisitions and platform-expansion opportunities. "We see continued opportunity to grow through disciplined real estate acquisitions and select platform opportunities that complement the core business, extend our reach and make the organization stronger over time," Malliet added.
Advisors and Transaction Team
Truist Securities served as financial advisor to Kayne Anderson Real Estate. CBRE National Partners' Vice Chair Darla Longo advised BKM Capital Partners in the transaction. BKM was represented internally by a team led by Brett Turner, Senior Managing Director, Acquisitions & Dispositions, with assistance from Michael Grossner, Senior Director of Acquisitions & Dispositions, and Charlie Farmer, Director of Acquisitions & Dispositions.
Sources: BKM Capital Partners — Official Announcement, June 3, 2026