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10/14/15
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In a recent investment buy out of Phoenix, BKM Capital Partners has acquired the Koll Cotton Center, a seven-building, 225.4k sf industrial business park in Phoenix, for $26 mil ($115/sf). The property was sold by real estate investment manager Clarion Partners, which owned the property on behalf of a commingled fund.
Built in 2000, the Cotton Center is located at 4050 E Cotton Center Blvd, one mile south of Phoenix Sky Harbor International Airport and approximately ten miles from both downtown Phoenix and downtown Tempe.
The Cotton Center was at 77 percent occupancy upon acquisition. The biz park is leased by 26 tenants in diverse industries, including telecommunications, construction, manufacturing, food service, business services, and healthcare, among others.
BKM plans to implement interior improvements to the property, including a spec suite program for currently vacant space that will modernize the asset and should result in strong residual value. The strategy is expected to further increase NOI and result in an attractive risk-return investment profile.
This is the sixth asset that bkm Capital Partners has acquired to be included in its $200+ mil commingled fund which targets final close in Q4 2015. The firm intends to acquire approximately $450 mil of multi-tenant industrial assets by the end of 2016.
Jones Lang LaSalle represented the seller in the transaction.
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