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January 23, 2019
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BKM Capital Partners Buys 105k sf AZ Biz Park


BKM Capital Partners recently acquired Diablo Business Center, a 105k sf, light industrial biz park in Phoenix, for $8.1 mil ($77/sf). The nine-building, multi-tenant property, located at 3610-3660 East Wier Ave and 4633-4645 South 36th St, was 71% leased at the time of sale.

BKM plans to implement a $1.8 mil capital improvement program to the property. Planned improvements include creative speculative tenant buildouts, reviving dead units, the addition of private fenced yards, and upgrades to the exterior including, a modern, multi-tone paint scheme, attractive, drought-resistant landscaping, upgraded monument signage and standardized tenant signage, among others. BKM will also address structural improvements including a new roof, new parking lot, and an improved HVAC system.

Diablo Business Center is located one mile south of Phoenix Sky Harbor International Airport and is approximately ten miles from both downtown Phoenix and downtown Tempe. This central location strategically positions the property to provide quick access to the housing communities in the Southeast Valley, while being near the key commercial centers in downtown Phoenix, Arizona State University, and Scottsdale, as well as easy access to the entire metro area.

“We continue to see tremendous value throughout the Phoenix MSA, especially in the Airport submarket,” explains Brian Malliet, CEO and Co-Founder of BKM Capital Partners. “The airport submarket is experiencing unprecedented tenant demand, reflected in the 96% occupancy for freestanding industrial buildings, and currently has no future industrial construction planned throughout the area.”

“Diablo Business Center is an institutional quality asset that presents a dynamic value proposition,” said Malliet. “By acquiring this property well below replacement cost, there is a tremendous opportunity to reposition the asset through our firm’s proven capital improvement and leasing strategy.”

This acquisition represents BKM’s 13th acquisition in the Phoenix metro area, bringing its holdings to more than 2.2 msf in the region. Bob Buckley at Cushman & Wakefield represented the seller in the transaction.

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