BKM Adds Tempe (AZ) Commerce to Portfolio for $58M

BKM Capital Partners has made its single largest investment in the Phoenix area to date, spending $58 million to acquire the 535,979-square-foot Tempe Commerce Park. The five buildings at the intersection of Kyrene and Elliot Roads were sold by Core Fund Tempe Property LLC. The properties were developed from 1995-1997 and are 100% occupied.

Mark Detmer, Bo Mills, Dave Seeger and Steve Sayer of Jones Lang LaSalle’s Phoenix office brokered the transaction. INVESCO Realty Advisors of Dallas advised the seller.

During the past two years, BKM Capital has invested approximately $164.6 million to buy approximately 1.8 million square feet of office and industrial space in the Phoenix area. The company specializes in buying value-add properties in the Western United States, and would like to buy more in Phoenix.