BKM Capital Partners Buys Goldenwest Circle Business Park in Westminster for $62 Million

BKM Capital Partners has acquired Goldenwest Circle Business Park in Westminster, California, for $62 million in an off-market transaction, the firm announced. The institutional fund manager, which focuses exclusively on small- and mid-bay light industrial properties across the United States, completed the purchase on behalf of BKM Industrial Value Fund III. CBRE advised the seller.

The announcement was dated November 2, 2026. The purchase price equates to roughly $268.40 per square foot based on the property's 231,000 square feet.

Goldenwest Circle Business Park: Property Details

The 12-building park sits on 12.3 acres at Bolsa Avenue and Interstate 405 in Orange County, with direct frontage on the freeway. The property is fully occupied and comprises 36 units ranging from 1,700 to 20,000 square feet, with an average of approximately 6,400 square feet. Each building sits on its own parcel and offers 14- to 20-foot clear heights, ground-level loading, and parking and truck space. The property lies in the Garden Grove submarket.

The park's largest tenant is Huntington Beach Harley-Davidson, which BKM Capital Partners said operates one of the brand's highest-volume dealerships in the world at the site. Other tenants span manufacturing, distribution, retail and business services. The location provides access to the regional freeway network, with John Wayne Airport about 13 minutes away and the ports of Los Angeles and Long Beach about 25 miles away.

Property records indicate the seller was Link Logistics, Blackstone's logistics platform.

BKM Capital Partners' Business Plan

BKM Capital Partners plans to reposition and rebrand the park, with the goal of establishing it as the leading small-bay address along the I-405 corridor. A capital program will address roofing and asphalt repairs, exterior improvements, landscaping and updated tenant and monument signage, while the firm's property and asset management teams focus on maintenance and tenant service.

"Freeway frontage like this is rare in Orange County, and it rarely comes up for sale," said Brett Turner, Partner and Chief Investment Officer at BKM. "Acquiring it at a significant discount to replacement cost gives us room to reinvest in a location that already works for its tenants. We have income in place as we improve the buildings and common areas, and time to strengthen tenant relationships well ahead of renewals."

Turner led the transaction for BKM alongside Michael Grossner, Senior Director of Acquisitions & Dispositions. Darla Longo at CBRE advised the seller.

Brian Malliet, BKM's Founder and CEO, said high land and construction costs make it difficult to create new small-bay space at rents that work for many existing businesses. "At the same time, older multi-tenant parks in Orange County are giving way to data centers, corporate campuses and mixed-use projects," Malliet said. "That makes the established parks that remain all the more important. We can invest in the real estate while preserving the smaller spaces and accessible locations that tenants have built their businesses around."

Orange County Small-Bay Industrial Market

According to CBRE research, Orange County's small-bay multi-tenant vacancy rate was 5.7% in the second quarter. Conditions were tightest at the small end of the size range, with vacancy of 3.2% for buildings below 25,000 square feet, compared with 15.2% for buildings between 100,000 and 199,000 square feet. No new small-bay space was delivered during the quarter, and approximately 300,000 square feet was under construction across an existing inventory of 80 million square feet. Availability in the Garden Grove submarket, which includes Goldenwest, stood at 5%.

Buildings under 200,000 square feet account for 83% of Orange County's industrial inventory. The county's aerospace, medical device and advanced manufacturing clusters add demand for infill space close to customers and suppliers.

Broader Orange County Industrial Conditions

Overall industrial conditions in Orange County softened in the second quarter of 2026. Market reports placed overall vacancy between 6.0% and 6.5%, and average asking rents were approximately $1.44 to $1.45 per square foot per month on a triple-net basis. Net absorption was negative, at 188,878 square feet in one report and 331,166 square feet in another. National industrial vacancy was approximately 7.5%, placing the Los Angeles-Orange County market, at 6.5%, among the tighter major U.S. industrial markets.

Second-quarter sales activity totaled 1.26 million square feet, with an average cap rate of 5.4%. Reported average sale prices ranged from about $258.77 to $289 per square foot, placing the Goldenwest Circle price of roughly $268.40 per square foot within that range. Differences in building quality, location and deal size mean the figures are not a direct valuation comparison.

Market Implications

The acquisition adds a fully leased small-bay park with freeway frontage to BKM Capital Partners' portfolio at a time when the county's small-bay segment is tighter than its larger-format segment. The firm's capital program is designed to improve the buildings and common areas while income remains in place ahead of lease renewals.

Sources

• BKM Capital Partners press release: BKM Capital Partners Acquires Goldenwest Circle Business Park in Orange County for $62 Million