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
Spring REIT blossoms in UK with 84 commercial acquisitions
30 March 2017 | London | Reporter: Theo Andrew
Spring Real Estate Investment Trust has agreed to acquire 84 commercial properties from Hawkeye Oval Holdco III Limited and Hawkeye Oval II LLP in the UK, for £73.5 million
CBRE sell Eastern European portfolio
30 March 2017 | Prague | Reporter: Theo Andrew
CBRE Global Investors has sold a portfolio of 11 assets, mainly shopping centres, across Eastern Europe, for €650 million
UK finally triggers Brexit
29 March 2017 | London | Reporter: Mark Dugdale
The UK has officially pulled the trigger on Article 50 and commenced the two-year negotiation process that will end in its exit from the EU
Coca Cola Berlin HQ sold to Rockspring
29 March 2017 | Berlin | Reporter: Theo Andrew
Rockspring has acquired Coca Cola’s headquarters in Berlin for €59 million, on behalf of its PanEuropean PropertyLimited Partnership fund
Segro raises £573 million in share placing
28 March 2017 | London | Reporter: Theo Andrew
Segro has successfully placed 166 million shares, raising gross proceeds of £573 million to finance its purchase of the Airport Property Partnership
Rockspring sells part of Spanish portfolio
28 March 2017 | Madrid | Reporter: Theo Andrew
Rockspring has sold part of a Spanish retail portfolio to Group Lar for €110.7 million, on behalf of a separate account mandate
LaSalle sells Nike store in Glasgow
27 March 2017 | Glasgow | Reporter: Theo Andrew
Redevco has acquired a high street retail asset in the Nike flagship store on Buchanan Street in Glasgow, for £29 million in an off-market deal