May 26, 2016
BKM Capital Partners struck an off-market deal for a 305,523-square-foot, three-property RREEF light-industrial portfolio. The Irvine, CA-based investor paid $24.1 million for the properties in Tempe, AZ; approximately 34% below replacement cost.
This portfolio was acquired as part of BKM Industrial Value Fund I LP, which closed earlier this year and now has 14 assets totaling more than $155.1 million under management. The portfolio consists of:
- The two-building, 120,496-square-foot Twin Business Park at 1430-1454 and 1602-1638 West 12th Place.
- The 89,728-square-foot Ash Business Center, consisting of nine light industrial buildings at 4666-5010 South Ash Ave.
- The three-building, 95,300-square-foot Elliot Park 10 at 1819-1849 West Drake Dr.
Cushman & Wakefield’s Phoenix office represented the seller, Deutsche/RREEF and the CIM group.