BKM Sells Phoenix Industrial Park for $33M
A joint venture between Bendetti and Westport Capital Partners has acquired Broadwood Business Centre, a 156,154-square-foot light industrial property in Mesa, Ariz., for $32.9 million.
BKM Capital Partners sold the multi-tenant campus in a transaction brokered by Cushman & Wakefield. The deal involved an $18 million loan originated by Grant Street Funding, according to CommercialEdge data.
BKM had acquired the property from Link Logistics for $18.4 million back in 2020, the same source shows. The $425.3 million portfolio transaction incorporated 19 properties totaling 2,542,588 square feet of industrial space.
READ ALSO: Phoenix Leads All Markets for Industrial Development
Completed in 1986, Broadwood Business Centre comprises 11 buildings across some 6 acres. The property can accommodate a broad range of user types such as showroom users, quasi retailers, manufacturers and distributors. At the time of the sale, the facilities were 100 percent leased to various tenants including Superior Silica, Diamond Select Lead Group, AKP Services, Mac Medical, Insider Local TV and Pinnacle Restorations, among others.
Located at 2450-2452 W. Birchwood Ave., in an Opportunity Zone, the industrial property is near Route 101 and some 15 miles from downtown Phoenix. Phoenix Sky Harbor International Airport is roughly 8 miles away.
Cushman & Wakefield Executive Directors Bob Buckley and Tracy Cartledge, along with Executive Vice Chair Will Strong, Director Michael Matchett and Senior Associate Molly Hunt, brokered the deal on behalf of the seller.
BKM has also recently sold Capitol Industrial Center North & South, a 335,701-square-foot, two-asset industrial portfolio in Sacramento, Calif., for $42.7 million. The firm had initially acquired the asset in the same aforementioned portfolio transaction.
Phoenix’s industrial sales boom
Fueled by a robust economy, an influx of residents from nearby areas and the rising demands of the e-commerce sector, Phoenix’s industrial market continues to soar. As of April, the metro recorded the third-largest transaction volume in the West, with investors closing $617 million in sales at an average of $159 per square foot, according to a recent CommercialEdge report.
One of the larger recent industrial deals in the greater Phoenix market was Stonelake’s $108 million acquisition of two assets in Goodyear. Cushman & Wakefield also brokered this transaction as well.
The post BKM Sells Phoenix Industrial Park for $33M appeared first on Commercial Property Executive.
