Sale of Tempe Commerce Park in Metro Phoenix, AZ closes

PHOENIX, Jan. 6, 2025 – JLL Capital Markets announced today the sale of Tempe Commerce Park, a five-building industrial complex totaling 536,122 square feet in Tempe, Arizona.

JLL represented the seller, a global investment manager and BKM, in the sale to LaSalle Investment Management (LaSalle).

The property, situated on 36.79 acres, features 24-foot clear heights, dock-high and grade-level doors and ample parking. The complex is 92% leased to eight diverse tenants, including McKesson, Genuine Cable Group and Rivian.

Located at 7340-7360 S. Kyrene Rd. and 7333-7343 S. Hardy Dr., Tempe Commerce Park benefits from its position in one of Metro Phoenix's most sought-after submarkets. The location offers excellent accessibility, being just one mile from the I-10 freeway and 2.6 miles from US-60, providing convenient access to the greater Phoenix Metro area. Additionally, the Tempe submarket makes it a prime location for industrial tenants looking for proximity to major transportation routes and a robust labor pool supported by Arizona State University's large student population. 

JLL Capital Markets team was led by Senior Managing Director Mark Detmer, Senior Director Greer Oliver and Associate Connor Nebeker-Hay. The local market leasing efforts were handled by CBRE's Senior Vice President Jackie Orcutt and First Vice President Jonathan Teeter.

"Tempe Commerce Park represents a unique opportunity in one of Phoenix's most dynamic submarkets," said Detmer. "With its strategic location, diverse tenant mix and recent improvements, this property is well-positioned to capitalize on the robust industrial demand in the region. The investment by LaSalle underscores the continued strength and appeal of the Phoenix industrial market."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos, and research resources, please visit JLL’s newsroom. 

BKM Capital Partners is a proven real estate fund manager and operator focused exclusively on investing in small and mid-bay light industrial properties in the Western United States. Headquartered in Newport Beach, CA, with over 100 employees in 13 offices, BKM implements a value-add strategy targeting under-managed and under-capitalized assets. The team has invested over $4.5 billion in more than 120 small and mid-bay light industrial properties since 2013. Its approach includes the acquisition, refurbishment, repositioning, and active management of these industrial properties to drive NOI growth and generate a strong IRR and multiple on invested equity. BKM’s foundation is built upon Focus, Operational Excellence, Technology, and Client Service. Additional information is available at bkmcp.com. 

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages US$88.2 billion of assets in private and public real estate equity and debt investments as of Q3 2024. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments, and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities, and entity-level investments.

For more information, please visit www.lasalle.com, and LinkedIn.