Phoenix & Southwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

Phoenix & Southwest  + Phoenix  + Industrial  | 
Northwest Business Center Phoenix

Metro Phoenix Demand Stays Strong Despite Pandemic-Affected Economy

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.

Connect

Inside The Story

Brian Malliet

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.

  • ◦Financing