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Phoenix & Southwest  + Phoenix  + Industrial  | 

Investcorp Buys Tempe Commerce Park for $85M

A recent light industrial transaction demonstrates the strength of BKM Capital Partner’s investment thesis, operating platform and commitment to generating returns for investment partners, according to Brett Turner, BKM Capital Partners managing director of acquisitions. Newport Beach-based BKM recently sold Tempe Commerce Park, a five-building multi-tenant light industrial park in Tempe for $85.35 million. The buyer of the 536,051-square-foot asset was Investcorp.

“We recognized the value-add potential of this asset and market very early on, which enabled us to deliver an attractive product to the market,” says Turner.

Tempe Commerce Park comprises five buildings at 7340, 7350 and 7360 S. Kyrene Rd., and 7343 and 7333 S. Hardy Dr. on 37.7 acres within the infill submarket. The asset had been held by BKM’s Industrial Value Fund I and was acquired in 2015.

The buildings were constructed between 1995 and 1997, and have been institutionally owned and maintained since that time. Tempe Commerce Park is 93 percent leased to eight tenants, with the majority of the tenancy consisting of investment-grade tenants.

The JLL team representing the seller was Mark Detmer and Ryan Sitov, along with local market experts Steve Sayre, Mark Gustin and Dave Seeger. The JLL debt placement team representing the new owner included Kevin MacKenzie, Michael Gigliotti and Jason Carlos.

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About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Acquisition
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