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CIT Provides $40.2MM to BKM Capital Partners for Acquisition of Tempe Commerce Park

July 13, 2016, 07:14 AM
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CIT Group announced that CIT Real Estate Finance provided a $40.2 million senior secured credit facility to BKM Capital Partners, an Irvine, CA, based real estate investment firm specializing in commercial and industrial real estate. The financing will support the acquisition of Tempe Commerce Park, a 535,979 square foot office and industrial warehouse distribution property located in Tempe, AZ. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.

Brian Malliet, CEO & Co-Founder, BKM Capital Partners, said, “This property, in the dynamic Tempe “‘Silicon Desert” submarket, offers us the opportunity to market larger, turn-key, back office and industrial warehouse distribution space in an infill location. For clients, this can represent a more economical alternative than a build-to-suit solution. This was our first transaction with CIT, which was a strong partner throughout the acquisition process. CIT’s commercial real estate finance expertise was essential to the successful and timely completion of this transaction.”

Matt Galligan, President, CIT Real Estate Finance, said, “The property is located along the I-10 corridor in Tempe, providing access to the Southeast Valley, Scottsdale, and downtown Phoenix, while remaining in close proximity to housing. This location, as well as the strong economic performance of the Tempe region, should provide firm support for the long-term performance of this property.”

Michael Pedone, Managing Director, CIT Real Estate Finance, said, “In addition to the robust fundamentals underlying this acquisition, BKM’s property management skills and the additional amenities it plans to add to the site could create additional value. We’re pleased to establish a relationship with BKM by supporting its acquisition of this property and look forward to working with BKM again.”

BKM Capital Partners is a fund manager specializing in the acquisition and improvement of value-added multi-tenant light industrial properties in metro areas across the Western U.S.

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