In older small-bay industrial, the rent roll and the repositioning budget set the value, not the price per foot.
Older shallow-bay space sells on its rent roll.
BKM Capital Partners and Kayne Anderson Real Estate bought Northridge Commons in Sandy Springs, Ga., for $100M.
The campus is seven multi-tenant buildings on 38 acres along GA-400, built in 1981 and 1982 and 90% leased.
Suites run from 2,046 to 39,221 SF and average 7,849 SF. No tenants were named.
BKM entered Atlanta less than a year ago and now holds about 1.5M SF there. It plans to reposition the park to its portfolio standard.
The price is about $212 per SF (derived), but the article gives no cap rate, rent or repositioning budget.
Small suites mean many leases and frequent rollover, which raises both mark-to-market potential and downtime. The 10% vacancy, about 47,000 SF (derived), is the first lease-up lever. The repositioning budget is the second and is unreported, so a price per foot cannot yet be compared with new product or with other 1980s parks.
Key Takeaways
- In older small-bay industrial, the rent roll and the repositioning budget set the value, not the price per foot.
- $100M over 471,000 SF is about $212 per SF (derived)
- A 10% vacancy rate on 471,000 SF is about 47,000 SF to lease (derived)
- The park is about 31% of BKM's roughly 1.5M SF Atlanta holdings after closing (derived)
Connect CRE, BKM, Kayne Anderson Add 471K-SF Sandy Springs Warehouse Project to Atlanta Metro Holdings, Oct. 12, 2026
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