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BKM Capital Partners and Kayne Anderson Real Estate have entered a $1.5-billion joint venture focused on light industrial real estate. With a $1.5-billion commitment from Kayne Anderson, the partnership will allow for large-scale capital deployment into the light industrial sector and deepen BKM’s presence nationwide.

The JV will focus on middle-market properties with below-market rents, high vacancy, and/or operational inefficiencies that can be acquired at a discount to replacement cost and then repositioned to drive value.