Investcorp Buys Tempe Industrial Park for $85M
- Feb 25, 2021
Investcorp has acquired Tempe Commerce Park, a five-building multi-tenant light industrial park located in Tempe, Ariz., for $85.4 million. JLL Capital Markets marketed the property on behalf of the seller, BKM Capital Partners, as well as placed a five-year, floating-rate acquisition loan with a life company on behalf of the buyer.
According to CommercialEdge data, BKM purchased the industrial light park back in June of 2016 and was assisted by a $40.1 million loan provided by CIT Bank.
The property’s five buildings are located at 7340, 7350 and 7460 S. Kyrene Road and 7333 and 7343 S. Hardy Drive. The assets comprise a total of 536,051 square feet across 37.7 acres situated within the infill Tempe submarket. Built between 1995 and 1997, each building offers 24- to 28-foot clear heights and ample parking.
Tempe Commerce Park is within close proximity to Sky Harbor International Airport, a BNSF intermodal facility, downtown Phoenix and Interstate 10. The buildings are 93 percent leased to eight tenants including Ashford University, Ditech Financial, Movement Mortgage, Humana and McKesson Medical-Surgical, according to CommercialEdge data. There are currently two spaces available for lease at the industrial park, totaling 76,688 square feet.
The JLL Capital Markets Investment Sales Advisory team representing BKM included Senior Managing Director Mark Detmer and Senior Director Ryan Sitov. Assisting them were local market experts Executive Vice President Steve Sayre and Managing Directors Mark Gustin and Dave Seeger. The Debt Placement team represented Investcorp included Executive Managing Director Kevin MacKenzie, Senior Managing Director Michael Gigliotti and Director Jason Carlos.
Back in October, Investcorp purchased a 32-property industrial portfolio totaling 3.5 million square feet in the Midwest. Earlier last year, BKM had its own massive industrial deal on the West Coast. The company acquired 11 assets in Arizona, California and Portland for $425.4 million.