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6/23/16
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BKM Capital Partners has purchased Tempe Commerce Park, a 536k sf, five-building property in Tempe, AZ, for $58 mil ($108/sf). The asset was acquired through the firm’s BKM Industrial Value Fund I L.P.
Located at 7333 and 7343 Hardy Dr, and 7340, 7350 and 7360 Kyrene Rd, the complex is situated in the heart of Tempe within the Silicon Desert submarket. It is in close proximity to major transit corridors, including the I-10.
The property was fully occupied at the time of sale. According to Brian Malliet, CEO and Co-Founder of BKM Capital Partners, the company acquired the asset at 30% below replacement cost. The deal marks BKM’s tenth acquisition in the Phoenix metro area this year and brings their holdings in the region to just under 2 msf.
“The Tempe submarket continues to demonstrate strong economic drivers and is currently one of the most dynamic submarkets in the Phoenix metro,” says Malliet. “Job and housing growth are on the rise, providing a significant opportunity to create value for our investors. This submarket is also experiencing a significant demand for back office users, which is further driving up lease rates in the business parks throughout the region.”
The property was purchased from Invesco, on behalf of its client, Ohio Police and Fire. Mark Detmer, Bo Miles, Dave Seeger and Steve Sayre at JLL represented the seller in the transaction.
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