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| Brian Malliet |
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| Bob Buckley |
PHOENIX METRO, AZ (May 23, 2016) – BKM
Capital Partners, an institutional fund manager with a niche focus on
value-add, multi-tenant light industrial investments, has acquired the RREEF
Tempe portfolio, a 305,524 square-foot three-property portfolio in the growing
submarket of Tempe, Arizona in an off-market transaction.
The portfolio consists of 16 multi-tenant
light industrial buildings and was purchased for $24.1 million, which is 34
percent below replacement cost.
The three-property
portfolio was purchased from Deutsche/RREEF and the CIM group on behalf of its
client, an institutional investor. Bob
Buckley and his team at Cushman & Wakefield represented the seller in
the transaction.
This portfolio was acquired as part
of BKM Industrial Value Fund I L.P., which closed earlier this year and now has
14 assets totaling more than $155.1 million in assets under management.
“The Phoenix metro is one
of the most highly sought after industrial regions in all of Arizona,” says Brian Malliet, CEO and Co-Founder of
BKM Capital Partners. “The prime location of these assets coupled with the
Tempe submarket’s historically high industrial occupancy will allow us to
maximize returns for our investors over time.”
The Tempe submarket
currently boasts 93.4 percent occupancy, averaging 91 percent occupancy since
1990. The RREEF Tempe portfolio is 87 percent occupied with in-place rents that
are significantly below market, providing an opportunity for BKM to drive value
and yields, according to Malliet.
For a
complete copy of the company’s news release, please contact:
Lexi Astfalk/Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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