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10/28/24
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BKM Capital Partners (BKM) has acquired Wier Thirty6 Business Park, a 104.1k sf industrial property in Phoenix, for $21.6 mil, or $207/sf, in a recapitalization of the property. Built in 1986, the property consists of nine freestanding buildings housing 10 units with an average size of 10.4k sf.
The property sits on a 5.8-acre site at 3610-3660 E. Wier Ave and 4633-4645 South 36th St in Phoenix’s coveted Airport submarket. The park features 18-foot-clear heights, five truck wells, 10’ x 12’ grade-level doors, and 243 parking spaces, as well as a 48% office component. The buildings are fully leased to a diverse array of tenants, including Service Education AZ, RestorationHQ, WSP USA Environment & Infrastructure, and the U.S. General Services Administration.
“Wier Thirty6 Business Park is a prime example of the enduring strength and stability that small-bay industrial properties offer, especially in highly sought-after infill locations like Phoenix,” said Brett Turner, Senior Managing Director, Acquisitions & Dispositions for BKM. “The level of interest this opportunity received from investors underscores the increasing recognition of the asset class’s resilience and its appeal to institutional capital.”
BKM had originally purchased the asset under a different entity in 2018, when it was known as Diablo Business Center, for $8 mil. The firm has since invested over $2 mil in deferred maintenance, cosmetic upgrades, and speculative tenant improvements.
Wier Thirty6 is located in close proximity to six major freeways and the Phoenix Sky Harbor International Airport, one of the top 10 busiest airports in the US. The Airport submarket has been one of the most robust and highest performing industrial areas in Metro Phoenix. With tenant demand—fueled by logistics, e-commerce and distribution—far exceeding the available supply of modern, functional light industrial space, and limited development, local rental rates are expected to continue increasing over the next several years.
Cushman & Wakefield’s Bob Buckley and Tracy Cartledge, in collaboration with Cushman & Wakefield’s National Industrial Advisory Group – Mountain West, led by Will Strong, Michael Matchett, and Molly Hunt, represented the seller in this transaction.
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