Newport Beach-based BKM Capital Partners recently completed the recapitalization of Northwest Business Center, an 11-building multi-tenant industrial business park in Phoenix for $29 million. The transaction was executed through a joint venture with TC US Partners.

“The property represents an outstanding opportunity with an irreplaceable multi-tenant business park in one of Phoenix’s most desirable submarkets at a price well below replacement cost,” says Brian Malliet, BKM Capital Partners’ CEO. “Market demand remains strong in metro Phoenix despite a pandemic-affected economy.”

The recently renovated property encompasses 227,603 square feet in buildings spread over 17.67 acres. The asset is located at 2310-2440 W. Mission Lane, 9014-9034 N. 23rd Ave. and 9013-9033 N. 24th Ave.

“We are enthusiastic about the potential of the light industrial asset class given its resilience during the pandemic and strong fundamentals into the future,” says Daniel Grunberg, co-founder of TC US Partners.

A recent capital investment in the asset exceeded $2.4 million, and included maintenance and improvements to the roofs, HVAC, landscaping and parking lot.