Phoenix, Ariz. (January 20, 2016) – Desert Vista Commerce Center, a three-building, multi-tenant industrial center located in Tempe, Arizona, has been purchased by BKM Capital Partners for $8,914,000. Kidder Mathews commercial real estate brokers, Darren Tappen, Mike Kasulaitis, and Aric Adams, represented BKM Capital Partners in the transaction. The seller was Desert Vista LLC – Richard Donovan, a private investor from Washington State, represented by Joe Blegen at Camidor Property Services.
The 98,678 square foot complex was purchased in a value-add transaction as an off-market deal. "Value-add properties are getting harder to come by in the Phoenix area. The commercial real estate market is improving and properties are leasing quickly, leaving little inventory available. There is a strong sentiment that you can lease up your property if you have existing vacancy," said Tappen.
Brett Turner, Director of Acquisitions at BKM Capital Partners, said, “This is BKM Capital Partners' seventh institutional acquisition for our value-add multi-tenant industrial fund and our third asset in the Phoenix market. We now have roughly 1.2 million square feet of assets under management and looking to see that number triple in the next 12 months. We are currently looking to deploy capital in key markets throughout the Western U.S., targeting industrial parks with 10+ tenants.”
About bkm Capital Partners
Headquartered in Irvine, California, bkm Capital Partners is a fund manager specializing in the acquisition and improvement of value-add multi-tenant industrial properties in metro areas across the Western U.S. Combining a deep knowledge of this niche industrial product type with in-house capabilities including on-site property management, asset management, and structured financing, the firm continues to build on its proven track record, generating strong results with high levels of transparency and engagement for investors. Additional information is available at www.bkmcapitalpartners.com.
About Kidder Mathews
Kidder Mathews is one of the largest independently owned commercial real estate firms on the West Coast, with over 500 real estate professionals and staff in 12 offices in Washington, Oregon, California, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, sustainability, and project and construction management services for all property types. The firm performs $3.2 billion in transactions, manages 36 million square feet of space, and conducts 1,300 appraisals annually. For more information, visit kiddermathews.com.