10 March 2017
Phoenix
Reporter: Theo Andrew
Phoenix business park acquired for $17.2 million
BKM Capital Partners has acquired a light industrial business park in Phoenix, Arizona, for $17.2 million.

Northwest Business Centre comprises 11 multi-tenant buildings, totalling 227,603 square feet, and is currently 77 percent occupied.

According to BKM Capital Partners, the fund manager will fill the vacant space through implementing a $3.5 million capital improvement programme, including a new roof and car park, and installing a new heating, ventilation and air conditioning system.

Located along the Phoenix Metro’s 1-17 corridor, the business park is connected to the I-10 freeway, providing easy access to the metro area.

This is the company’s twelfth acquisition in Phoenix Metro, bringing itstheir portfolio to over 2.1 million square feet of multi-tenant light industrial properties.

Brian Malliet, CEO and co-founder of BKM Capital Partners, said: “We continue to see tremendous value throughout the Phoenix metropolitan statistical area, especially in the northwest submarket. The northwest submarket has historically demonstrated incredibly high industrial occupancy and currently has no future industrial construction planned throughout the area.”

He added: “This will drive long term demand for this asset and place upwards pressure on rents over time, allowing us to maximise our return on investment”

Brett Turner, director of acquisitions at BKM Capital Partners, said: “Our comprehensive capital improvement programme will allow us to attract and retain high quality tenants, as well as drive rent growth as leases roll.”

He added: “We now own four out of the seven business parks along the I-17 corridor. This gives us control of the surrounding competitive set, bringing our holdings to more than 700,000 square feet in the immediate vicinity.”

Cushman & Wakefield represented the vendor in the sale.

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
AEW Germany fund hits €118 million on first close
22 June 2017 | Berlin | Reporter: Theo Andrew
Focusing on Germany’s seven main cities, the fund will also strategically target other established office locations around the country
Wanda HK acquires Nine Elms Square for £470 million
21 June 2017 | London | Reporter: Theo Andrew
Vinci St. Modwen, the 50/50 joint venture between St. Mowden Properties and Vinci expects to complete the sale of the 10-acre site later this summer
Majority stake in Barcelona Hilton bagged by AXA IM - Real Assets
21 June 2017 | Barcelona | Reporter: Theo Andrew
Purchased from Iberdrola Inmobiliaria on behalf of AXA Insurance Companies, the 4-star hotel is currently operated by Hilton Hotels on a long-term lease
UK self-storage market expands for third year running
21 June 2017 | London | Reporter: Theo Andrew
The UK now accounts for 47 percent of Europe’s self-storage space, according to the UK Annual Industry Report
Hermes dispatches East London portfolio to Great Portland Estates
20 June 2017 | London | Reporter: Theo Andrew
Spanning 1.1 acres, the properties are located between Aldgate and the new Whitechapel Crossrail Station
Blackstone takes majority stake in UK’s The Office Group
20 June 2017 | London | Reporter: Theo Andrew
The Office Group is a UK provider of flexible workspace and has a portfolio of 36 properties, mainly located in London
CBRE boosts French transaction team
19 June 2017 | Paris | Reporter: Theo Andrew
Based in Paris, Oliver Gérard will be responsible for the management of CBRE’s advisory and transactions and capital markets teams