BKM Capital Partners has sold Elliot Park 10, a five-building, multi-tenant, light industrial park in Tempe, Arizona, for $10.1 million.
Online PR News – 19-March-2021 – Phoenix, AZ – BKM Capital Partners, an institutional fund manager with a niche focus on value-add, small and mid bay light industrial investments, has sold Elliot Park 10, a five-building, multi-tenant, light industrial park in Tempe, Arizona, for $10.1 million. The buyer of the 95,300 square-foot asset was Libitzky Property Companies.
BKM Capital Partners’ Brett Turner, Managing Director of Acquisitions, said “The Phoenix metro continues to be one of the most highly sought after industrial regions in all of Arizona. This asset’s prime location coupled with the Tempe submarket’s historically high industrial occupancy allowed us to create long-term value and maximize returns for our investors.”
The asset had been held by BKM’s Industrial Value Fund I and was acquired in 2016.
During its ownership, BKM Capital Partners completely repositioned the asset, integrating a series of capital improvements including creative facades, fresh landscaping, new signage, new roofs, and repairing HVAC units.
“Our integrated operating platform, coupled with these strategic renovations allowed us to bring the property up to 98-percent occupancy with rents more in line with market,” says Turner. “This created strong stabilized in-place cash flow, further adding to the institutional appeal of the asset.”
Elliot Park 10 is comprised of five buildings and is 98 percent leased and to eleven tenants. Constructed in 1986, the asset is equipped with ample parking, 18-24’ clear heights, and both grade and dock-high loading, accommodating both incubator and larger distribution tenants.
The property is located at 1819-1849 West Drake Drive in Tempe, Arizona, within the infill Tempe submarket.
Bob Buckley and his team at Cushman & Wakefield represented the seller in the transaction.
About BKM Capital Partners
BKM Capital Partners was founded in 2013 by Brian Malliet. Headquartered in Newport Beach, California, BKM Capital Partners is a real estate fund manager specializing in the acquisition and improvement of value-add light industrial multi-tenant properties in metro areas across the Western U.S. Combining a deep knowledge of this niche industrial product type with a vertically-integrated operator platform that includes in-house capabilities to reposition and convert existing assets, enhance property management, incorporate leasing management and institutionalize light industrial properties characterized by fragmented ownership positions. The firm continues to build on its proven track record, generating strong results with high levels of transparency and engagement for investors. Additional information is available at http://www.bkmcapitalpartners.com.