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3/07/17
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BKM Capital Partners recently acquired Northwest Business Center, an 11-building, 227.6k sf multi-tenant light industrial business park in Phoenix, for $17.2 mil ($75/sf). Northwest Business Center is located at 2310-2440 West Mission Lane, 9014-9034 North 23rd Ave, and 9013-9033 North 24th Ave, along the 1-17 Corridor, one of the Phoenix Metro’s major thoroughfares
BKM plans to implement a $3.5 mil capital improvement program to the property. Planned improvements include a new roof, new parking lot, an improved HVAC system and upgrades to the exterior including, paint, landscaping, and new signage, among others.
The company also plans to immediately increase cash flow by leasing up vacant space as the building is currently 77% occupied.
“We continue to see tremendous value throughout the Phoenix MSA, especially in the Northwest submarket,” notes Brian Malliet, CEO and Co-Founder of BKM Capital Partners. “The Northwest submarket has historically demonstrated incredibly high industrial occupancy and currently has no future industrial construction planned throughout the area. This will drive long term demand for this asset and place upwards pressure on rents over time, allowing us to maximize our ROI.”
Robert Buckley at Cushman & Wakefield represented the seller. This is BKM’s 12th acquisition in the Phoenix metro bringing its holdings to more than 2.1 msf in the area.
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