Phoenix Industrial Asset Changes Hands
- Oct 14, 2015
Irvine, Calif.-based bkm Capital Partners has recently acquired an industrial business park in Phoenix. The company paid $26 million for the 225,435-square-foot Koll Cotton Center, located in the Cotton Center Master Plan. The seller—real estate investment manager Clarion Partners—was represented by JLL in the transaction. bkm Director of Acquisitions Brett Turner was responsible for sourcing and acquiring the deal.
Koll Cotton Center was 77 percent occupied at the time of sale, and is the sixth asset purchased by bkm to be included in its $200+ million commingled fund which targets final close in late 2015. Conveniently situated just one mile south of Phoenix Sky Harbor International Airport and roughly ten miles of both downtown Phoenix and downtown Tempe, the property is home to 26 tenants in a variety of industries.
“Multi-tenant industrial is a unique product type that is poised for substantial investment returns in the current commercial real estate market,” Brian Malliet, CEO & co-founder of bkm, said in a statement. “The caveat is that these assets require extensive product knowledge. As specialists in this product, our firm is uniquely positioned to capture the upside of these assets and produce strong yields for our investors.”
Image courtesy of bkm Capital Partners