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August 16, 2022
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BKM Capital Partners Closes $38 Mil AZ Industrial Buy

7/08/22

BKM Capital Partners acquired Mesa Ridge Business Park, a seven-building, 153k sf light industrial park in Mesa, AZ for $38.35 mil ($251/sf). The seller was Mesa Ridge Business Park I LLC, a company formed by Randall Investment Group, Michael Wilson, and Eric Rinestone.

The property is currently 97% leased across 39 units that range in size from 1.7k sf to 10.4k sf. Located at 618-2716 N. Ogden Rd and 4215-4255 E. McDowell Rd, the park features seven tilt-up structures built in 2007.

BKM’s in-house property and construction teams will embark on an asset improvement program encompassing upgrades to parking lots, ESG projects, as well as improvements to roofs, water wise landscaping, HVAC, lighting, signage and incorporating BKM’s distinctively branded paint design.

Brett Turner, Senior Managing Director of Acquisitions at BKM Capital Partners, said, “In addition to the property improvements, we expect to capture additional value since existing in-place rents, which are approximately 25% below market, will deliver significant upside as leases roll. Market experts project a high-end five-year average Phoenix annual rental growth rate of 10.8%.”

The North Mesa site is adjacent to Falcon Field Airport and Boeing’s 1.35 msf manufacturing campus, which generates $2.2 mil in daily economic benefit to the submarket and is home to more than 100 businesses providing more than 1,400 jobs. There’s significant tenant demand stemming from Boeing’s manufacturing center, where its Attack Helicopter and Unmanned Airborne Systems divisions are based. Boeing counts more than 500 suppliers and related vendors in Arizona.

“This was a prime opportunity for BKM to expand our Phoenix portfolio with a high-visibility industrial asset in a submarket that is becoming increasingly infill in-nature with the continued expansion of master-plan neighborhoods and high-density housing,” Brian Malliet, CEO of BKM Capital Partners, said. “This market stands to benefit from favorable migration trends and a business-friendly operating environment that has generated employment growth that is outpacing the national average by more than double.”

This is BKM’s 26th acquisition in the Metro Phoenix area, bringing its current holdings in the region to more than 2.3 msf across 14 projects. Cushman & Wakefield’s Bob Buckley represented the seller in the deal.




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