JLL Capital Markets closed the sale of Tempe Commerce Park and arranged an acquisition loan for the buyer
PHOENIX, Arizona – JLL Capital Markets announced today that it has closed the sale and arranged an acquisition loan for Tempe Commerce Park, a five-building multi-tenant light industrial park totaling 536,051-square-feet in Tempe, Arizona.
JLL marketed the property on behalf of the seller, BKM Capital Partners. Investcorp has acquired the asset. Additionally, working on behalf of the new owner, JLL placed the five-year, floating-rate acquisition loan with a life company.
Tempe Commerce Park comprises five buildings at 7340, 7350 and 7360 S. Kyrene Road and 7343 and 7333 S. Hardy Drive on 37.7 acres within the infill Tempe submarket. This position is minutes from Sky Harbor International Airport, downtown Phoenix, a BNSF intermodal facility and Interstate 10, which offers easy access to Phoenix and other major cities in the Southwest. This location allows tenants to reach more than 1.8 million people within 15 miles of the property and nearly 4.9 million within 55 miles. Additionally, numerous key markets like Los Angeles, San Diego and Las Vegas are reachable within a day’s drive.
The buildings have been institutionally owned and maintained since they were constructed between 1995 and 1997. The buildings feature 24- to 28-foot clear heights and ample parking. At 93 percent leased, Tempe Commerce Park is home to eight tenants with the majority of the tenancy consisting of investment grade tenants.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Managing Director Mark Detmer and Senior Director Ryan Sitov, along with local market experts Executive Vice President Steve Sayre and Managing Directors Mark Gustin and Dave Seeger.
The JLL Capital Markets Debt Placement team representing the new owner included Executive Managing Director Kevin MacKenzie, Senior Managing Director Michael Gigliotti and Director Jason Carlos.