BKM Capital Partners and Kayne Anderson Real Estate added over 3 million square feet of light industrial real estate in Southern California to their joint venture’s growing collection. 

The firms, which entered into a partnership to buy $1.5 billion in light industrial real estate a year ago, made the SoCal acquisitions as part of a broader portfolio buy from Link Logistics, according to a news release from BKM and Kayne Anderson. The broader portfolio spans 8.5 million square feet and includes assets in the Bay Area as well as Austin, Dallas, Atlanta and Washington, D.C. BKM and Kayne Anderson spent more than $1.8 billion for the 51-property pickup, an average of $35.3 million each. 

The acquisition includes three light industrial sites in the Inland Empire, eight in the Los Angeles area, and eight in Orange County. The Southern California purchases span 3.1 million square feet across 144 buildings comprising 1,133 units for light-industrial tenants. 

In the Inland Empire, BKM and Kayne Anderson purchased the Archibald Business Center and Golden West Business Park near Ontario International Airport in Rancho Cucamonga and the Mountain Avenue Business Park in Upland. The Los Angeles buys include properties in the South Bay and others like the Chatsworth Business Center and Lurline Business Park in the San Fernando Valley and Cerritos Business Center in Cerritos. Down south in Orange County, the acquisitions span properties in Garden Grove, Anaheim, Yorba Linda, Santa Ana and the Irvine Spectrum district. 

The greater portfolio is 90 percent occupied and consists of nearly 2,000 units across 275 buildings in infill submarkets within high-growth markets. BKM plans exterior upgrades, roof and HVAC work and to make improvements and reconfigurations to interior spaces to reduce tenant office buildout. The office buildout is expected to decline from 37 percent to 33 percent, according to the joint venture’s calculations. 

BKM and Kayne Anderson’s joint venture now has 15 million square feet of space under its management, with the deal cementing its spot as one of the largest owner-operators of multi-tenant light industrial assets in the United States, according to the companies. 

— Chris Malone Méndez

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Stream Realty Partners has opened an office in downtown Los Angeles, marking a significant expansion of the firm’s presence across Southern California. The expansion is further strengthened by the addition of a high-performing team from Avison Young.

 The team will be led by Jonathan Larsen, who joins Stream as executive vice chairman, and Chandler Larsen, who joins as managing director. Working alongside executive managing director Marty Pupil, who oversees Stream’s California offices, Jonathan and Chandler will help drive the firm’s continued growth across LA.

They are joined by SVPs Sally Zesut and Eric B. Moore, VP Luke Eskigian and associate Sebastian Bernt. The broader team also includes senior analyst Austin Cassidy, marketing specialist Arianna Nienow and senior brokerage coordinator Yolanda Gerardo.

“This expansion is about putting the right team in place,” said Pupil. “This group brings the relationships, experience and execution to make an immediate impact.”

A Southern California industrial portfolio just fetched a record sale price. 

Irvine-based Praelium Commercial Real Estate acquired a 17-building office, industrial and research and development portfolio in Goleta for $235 million, Commercial Property Executive reported, citing data from Yardi Matrix. Agoura Hills-based Majestic Asset Management sold the 733,497-square-foot collection.

The $235 million figure set a record in Santa Barbara’s South Coast market, the Pacific Coast Business Times reported. Majestic put together the 17-building Tech Park @ Goleta Portfolio in multiple, separate deals between 2018 and 2022, per Yardi Matrix. The properties in Goleta are located in five business parks along Hollister Avenue, Castilian Drive, Cremona Drive, Bollay Drive and Ward Drive. 

The buildings rise one and two stories and average approximately 41,000 square feet each. Under Majestic’s ownership, the properties underwent improvements including new tenant buildings, branding and various other upgrades. Tenants at the buildings include Lockheed Martin and satellite technology company Umbra Space, as well as Curvature, a reseller of information technology equipment and server hardware. Umbra and Curvature signed lease agreements last year.

Industrial and R&D tenants occupy 58 percent of the portfolio, speaking to strong demand from companies in the manufacturing, aerospace and defense, medical device and technology sectors. 

The purchase comes as industrial experts in Southern California predict a post-pandemic return in demand for product across the region, The Real Deal reported. Rent drops in Greater Los Angeles have slowed amid the growing need for data centers across the country as the artificial intelligence sector grows, according to a Q4 2025 report from Avison Young. Sales volume in the L.A. area reached $1.2 billion in the fourth quarter, representing a quarter-over-over increase of 8.6 percent and a 6 percent year-over-year jump, per CBRE data. 

The market appears to be reaching equilibrium after “hit[ting] the bottom” following a period of “unprecedented demand in leasing absorption,” Jason Hans of Affinius Capital told TRD. Developers are now looking to meet increased demand for taller, more “sophisticated” spaces with new construction, Hans said, noting investors are “very bullish about new development that’s going to be delivered in late 2027 and into 2028” as “markets [are] starting to tighten with a very limited development pipeline.”— Chris Malone Méndez

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Saks Global’s ongoing bankruptcy is having a ripple effect on its Southern California stores. 

As part of its shutdown of several Saks Fifth Avenue and Neiman Marcus locations nationwide, Saks Global is closing its doors for good at three sites in SoCal, the Orange County Register reported. 

South of Los Angeles in Orange County, the Saks Fifth Avenue store at the South Coast Plaza shopping center in Costa Mesa will close its doors. In Palm Desert, the Saks Fifth Avenue outpost at The Gardens on El Paseo mall will also shut its lights for good. Closer to L.A., in the San Fernando Valley, Saks Global plans to wind down its Neiman Marcus store at 6550 Topanga Canyon Boulevard in Canoga Park. 

Not all Saks Global shops in Southern California are disappearing, however. The Saks Fifth Avenue and Neiman Marcus stores in Beverly Hills and the Neiman Marcus store at Fashion Island shopping center in Newport Beach will remain open, according to the Orange County Register.

A timeline for closing has not yet been revealed. Existing gift cards will continue to be accepted at any closing location for 15 days after the closing sale begins, company officials said, per the Register. 

Saks Global’s discount stores are similarly going dark across the country. After filing for Chapter 11 bankruptcy in January, the company announced it would be closing 62 stores from coast to coast. Most of those Saks stores are Saks Off 5th discount locations, and the Saks Off 5th e-commerce website is in the midst of a closing sale. Another five Neiman Marcus Last Call discount outlets will also shut down. 

Saks’ filing made it the most notable department store chain to enter bankruptcy since the pandemic, the Wall Street Journal reported. Saks Global acquired Neiman Marcus in late 2024 in a $2.7 billion deal with the goal of forming a luxury retail juggernaut. The firm operates approximately 33 Saks Fifth Avenue stores, 36 Neiman Marcus locations, two Bergdorf Goodman flagships and roughly 70 Saks Off 5th discount stores nationwide. 

— Chris Malone Méndez

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Thorofare Capital, a national commercial real estate debt manager and affiliate of Callodine Group, has closed on two floating-rate senior mortgage loans totaling $74.23 million in Southern California. The financings include an industrial manufacturing and distribution refinancing in Anaheim and an office-to-multifamily conversion in Los Angeles’ Mid-Wilshire submarket.

The Thorofare Capital team involved in originating these financing transactions include director Paul Hachigian, managing director Jacob Yi and head of credit Eddie Prosser. The closings build on Thorofare’s nearly $700 million in 2025 transactional activity.

In the larger of the two transactions, Thorofare closed a $52,230,000 floating-rate senior mortgage loan to refinance an industrial manufacturing and distribution property in Anaheim. The financing supports two Class B industrial buildings totaling 198,807 square feet in an infill Orange County location. Tokyu Land US Corporation’s Structured Finance platform participated alongside Thorofare Capital.

Thorofare also provided a $22,000,000 floating-rate senior mortgage loan to refinance The Harbor Building, a six-story, 259,484-square-foot building located at 4201 Wilshire Blvd. Originally constructed in 1958 and renovated in 1990, the property is positioned for conversion from office to multifamily use.

“These transactions demonstrate our ability to structure flexible capital solutions for sponsors executing complex business plans,” said Kevin Miller, CEO of Thorofare. “We continue to see compelling opportunities across infill industrial and adaptive reuse projects where disciplined underwriting and local market expertise are critical.”

Student teams from the Chapman University Argyros College of Business & Economics and the University of California, Irvine, Paul Merage School of Business Center for Real Estate will compete head-to-head on April 15 in NAIOP SoCal’s 5th Annual Orange County Real Estate Challenge. To compete, each five-member student team will present their vision for the highest and best use for this year’s challenge site.

The site is an approximately 8.3-acre redevelopment opportunity located at 1280 S. Anaheim Blvd. in Anaheim. It comprises six separate vacant parcels formerly used for various automotive-related services. The site was acquired by Anaheim’s former Redevelopment Agency and identified in the city’s long-range property management plan as a strategic location for future market-rate development.

The students are challenged to present a proposal to the City of Anaheim to revitalize this site and introduce a vibrant mix of new uses that will offer economic benefits and enhance community vibrancy.

“This is a fantastic showcase for these students as they share their knowledge and expertise to the judges, the city and our audience,” said David Nazaryk, NAIOP SoCal OC Real Estate Challenge Chair. Sponsorship opportunities are still available, and tickets can be purchased here. 

Self-storage REIT Public Storage announced it will relocate its corporate headquarters to the Dallas-area city of Frisco from Glendale. The company has been headquartered in Southern California since its founding in 1972.

In a release, Public Storage said it will benefit from the “depth of talent and innovation” in North Texas, and it plans to maintain a long-term presence in Glendale. The relocation is part of PS4.0, which Public Storage described as “a generational leadership transition and strategic vision.” 

Natalia Johnson, president and chief digital and transformation officer for Public Storage, told the Dallas Business Journal that the company has nearly doubled its corporate presence in Texas to support its growth.

“The opportunity ahead for Public Storage has never been stronger,” said CFO and CIO Tom Boyle, who will become CEO effective April 1. “This company has a proven ability to outperform through cycles, deliver industry-leading margins driven by digital and AI advancement, and scale accretively in a fragmented landscape.”

The commercial real estate industry is celebrating a banner year for two of NAIOP’s most dynamic chapters: NAIOP SoCal and NAIOP NYC Metro. Both were honored by NAIOP Corporate through its prestigious Chapter Merit Awards, with SoCal earning Chapter of the Year and NYC Metro capturing Chapter of the Year along with Highest Number of New Members—a rare dual distinction that underscores the momentum, engagement and leadership powering the chapter.

The Chapter Merit Awards recognize excellence in programming, membership growth, advocacy, and industry impact. This year, both chapters stood out for their ability to convene decision-makers, deliver high-value content, and create meaningful opportunities for connection across the CRE ecosystem. Central to that success has been strong, hands-on leadership—with Connect CRE’s executive team playing a visible role in helping shape strategy, elevate visibility, and expand reach.

On the West Coast, Daniel Ceniceros, CEO and founder of Connect, serves on the SoCal Board of Directors, while Sarah Quinn, EVP and co-founder, serves as the Vice Chair of chapter’s Awards Committee. In New York, Emily Lettieri, EVP of Connect, serves on the NYC Metro Executive Board as Secretary and Marketing & Communications Chair.

With Connect leadership embedded in both chapters, the alignment between media, membership, and programming has created a powerful growth engine—amplifying visibility, strengthening community, and helping propel both chapters to national honors. The result: two high-performing NAIOP chapters operating at the top of their game and helping set the pace for the broader commercial real estate industry.

Pictured, from left: Tim Oberweger, Chief of Staff, NAIOP NYC Metro, Stewart Title; Blake Grosch, 2025 President, NAIOP NYC Metro, MSCI; Timothy Jemal, CEO  |  NAIOP SoCal; and David Alan Lewis, VP, NAIOP NYC Metro, Chase.

The Learning Experience is growing in Southern California with a slew of pre-lease deals. 

The Florida-based early education and day care services operator plans to open four new locations in San Bernardino County and Riverside County over the next two years, Commercial Observer reported. 

The outposts in Loma Linda, Murrieta, Menifee and Winchester will each have about 10,000 square feet of build-to-suit space with up to 30 staff members and 180 children served. The Learning Experience franchisees lease the spaces from separate landlords. 

All four future Learning Experience sites are currently under construction with undeclared addresses, a Learning Experience spokesperson told CO. The Menifee location will rise on a currently vacant parcel next to 28881 Newport Road, the spokesperson said. 

In addition to its growth in Southern California, The Learning Experience is expanding on the East Coast with eight new locations in Maryland and northern Virginia over the next two years. Like in SoCal, those spaces will each span approximately 10,000 square feet. 

When deciding where to plant a flag, The Learning Experience’s development team analyzes local population, traffic patterns, population density of children ages 6 and under within certain areas and average household incomes in the area, a company spokesperson said. After settling on a market to set up shop, The Learning Experience will establish both company-owned and franchise sites, with franchisees signing 15-year licensing deals with the firm.  

The new Learning Experience centers in Southern California and the East Coast are part of the company’s plans to add more than 150 new locations to its portfolio over the next three years. The company currently operates more than 450 locations across 30 states and the U.K.

The U.S. child care industry was estimated to generate about $65 billion in 2024, and is forecast to hit nearly $110 billion by 2033, according to a report last year by Grand View Research cited by CO.

— Chris Malone Méndez

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NAIOP SoCal has appointed a 2026 legislative affairs team, positioning the organization to build on recent wins and drive even stronger results for the commercial real estate industry in Southern California and Sacramento. Longtime Sacramento lobbyist Adam Regele has been retained to lead state-level advocacy efforts, while The Edmond Group, led by CEO Susana Gonzalez Edmond and managing partner John Edmond, will assist with legislative activities across Southern California.

NAIOP SoCal’s legislative affairs team will continue to be headed by CEO Tim Jemal, while government relations manager Mihran Toumajan will remain in his full-time role.

“I’m honored to represent NAIOP SoCal and champion the interests of commercial real estate in Sacramento and across state agencies,” said Regele. “Commercial real estate is essential to California’s economic success, and I look forward to ensuring state policies reflect its vital role in job creation, investment, and generating public revenues.”