BKM Pays $24.1Mln for Tempe, Ariz., Industrial Portfolio
Commercial Real Estate Direct Staff Report
BKM Capital Partners has paid $24.1 million, or about $78.88/sf, for a 305,524-square-foot industrial portfolio in Tempe, Ariz., about ten miles east of Phoenix.
The seller was the San Francisco Employees Retirement System, which was represented by CIM Group and Rreef Property Trust. Bank of America provided acquisition financing, terms of which were not disclosed.
The three-property portfolio includes the 120,496-square-foot Twin Business Park, at 1430-1454 and 1602-1638 West 12th Place; Ash Business Center, with 89,728 sf at 4666-5010 South Ash Ave., and Elliot Park 10, with 95,300 sf at 1819-1849 West Drake Drive.
Properties in the portfolio are 87 percent occupied on average, and have below-market rents. BKM's value-add strategy involves leasing up vacant space...