BKM Capital partners purchased a Tempe multi-tenant industrial center, Desert Vista Commerce Center, for $8,914,000.
The 98,678 square foot, three-building complex was purchased in a value-add transaction.
Kidder Mathews commercial real estate brokers, Darren Tappen, Mike Kasulaitis, and Aric Adams, represented BKM Capital Partners in the transaction.
Washington-based Desert Vista LLC – Richard Donovan, a private investor, sold the property, and was represented by Joe Blegen at Camidor Property Services.
“Value-add properties are getting harder to come by in the Phoenix area. Pricing overall is increasing and they require a large commitment from buyers to spend capital for spec suites and deferred maintenance,” Tappen said.
This is BKM Capital Partners’ seventh acquisition for its value-add multi-tenant industrial fund, and its third asset in Phoenix, said Brett Turner, director of acquisitions at BKM Capital Partners.
“We now have roughly 1.2 million square feet of assets under management and we’re looking to see that number triple in the next 12 months. We are currently looking to deploy capital in key markets throughout the Western U.S., targeting industrial parks with 10+ tenants.”
