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A five-building, multi-tenant industrial park near Oregon Route 217 in Beaverton has sold for $67 million.

The 217 Distribution Center was acquired by BKM Capital Partners, a vertically integrated institutional fund manager based in Newport Beach, California. The seller of the 451,062-square-foot asset was identified by Washington County as Kansas City Life Insurance Co.

The 1970s-era property, at 10950-11065 S.W. 11th St., has 13 units that range from 9,945 square feet to 67,459 square feet. It features 68 dual-dock-high and 12 grade-level loading capabilities, up to 24-foot-clear heights, and access to 14 railway dock doors. Less than 9 percent of its total footprint consists of office space.

BKM, as part of its value-add strategy, intends to invest approximately $4 million in capital improvements, according to a press release. Those include upgrades to roofs, parking lots, landscaping, and HVAC systems as well as updates to the signage and paint scheme to bring the asset to brand standards. Plans call for increasing the number of units from 13 to 15 and decreasing the average unit size from 34,697 square feet to 29,975 square feet.

The complex is currently 100 percent leased to mostly credit tenants, including Nike, Rexel, Blue Ocean Logistics, and the Beaverton Police Department. BKM intends to leverage the asset’s 3.5-year (WALTs), the press release states, to correct in-place rents, which are 20 percent below market rates, over its 60-month hold period.