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Terracore Capital Acquires a Strategically Located Light Industrial Facility in Tempe, Arizona, as part of Joint Venture with BKM Capital Partners

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Tempe, Arizona, September 26th, 2024

 

Terracore Capital, an institutional fund manager focused on dynamic growth markets in the United States, has acquired Ash Business Center in Tempe, AZ (part of the Phoenix Metropolitan Area), as part of their Joint Venture with BKM Capital Partners.

 

Ash Business Center, located at 4666-5010 S. Ash Ave. in Tempe, is a complex of nine light industrial buildings offering a total of 89,728 square feet. Constructed in 1986, the center comprises 16 units, each averaging 5,608 square feet, with clear ceiling heights ranging from 16 to 18 feet. The facility includes 16 grade-level doors and ample parking. The property has undergone significant renovations, including updates to the exterior facade and select interior spaces, taking advantage of vacancies to create high-quality areas that cater to the dense population in downtown Tempe. These improvements have enhanced the property’s operational efficiency, curb appeal, and overall value.

 

“Given our experience in the Phoenix market and the strong rent growth trends, Terracore remains dedicated to identifying and acquiring high-functioning light industrial properties. We believe Ash Business Center is an example of the opportunities that exist in the current industrial market—a strategically located asset at a discount to replacement cost that caters to the growing demand for light industrial spaces,” said Daniel Grunberg, Managing Partner at Terracore Capital.

 

Terracore-BKM Industrial Partners (the JV between Terracore Capital and BKM) aims to leverage the asset’s Weighted Average Lease Term (WALT) and the strong tenant demand for infill small-bay properties to address the market opportunity. They also plan to redesign the suite layouts to better meet the needs of prominent industrial tenants.

 

About Terracore Capital

Founded in 2016, Terracore Capital is a real estate investment manager specializing in enterprise and programmatic ventures with a primary focus on dynamic growth markets in the United States.

 

Terracore Capital focuses on platform-level investing by establishing formal agreements to act as a programmatic capital partner for best-in-class operators. To date, Terracore Capital has acquired over 12.9 million square feet of industrial space across 53 buildings in 14 U.S. markets.

 

Press Contact

info@terracorecap.com

www.terracorecap.com

 

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THE INFORMATION HEREIN IS PROVIDED FOR ILLUSTRATIVE PURPOSES ONLY, MAY NOT BE FULLY INDICATIVE OF ANY PRESENT OR FUTURE INVESTMENTS, MAY BE CHANGED AT THE DISCRETION OF BKM/TC USP WITHOUT NOTICE.

THIS IS NEITHER AN OFFER TO SELL NOR A SOLICTATION OF AN OFFER TO BUY AN INTEREST IN ANY INVESTMENT FUND. SUCH AN OFFER OR SOLICITATION MAY BE MADE ONLY TO ELIGIBLE PURCHASERS PURSUANT TO A CONFIDENTIAL PRIVATE OFFERING MEMORANDUM. THERE CAN BE NO ASSURANCE THAT ANY INVESTMENT PROGRAM WILL ACHIEVE ITS INVESTMENT OBJECTIVES OR THAT LOSSES WILL NOT OCCUR. SOME OF THE STATEMENTS CONTAINED HEREIN CONSTITUTE FORWARD-LOOKING STATEMENTS, WHICH RELATE TO FUTURE EVENTS OR THE FUTURE PERFORMANCE OR FINANCIAL CONDITION OF THIS INVESTMENT. FORWARD-LOOKING STATEMENTS INVOLVE RISKS INCLUDING STATEMENTS AS TO FUTURE OPERATING RESULTS, BUSINESS PROSPECTS, THE FUTURE SUCCESS OF THE GENERAL ECONOMY AND ITS IMPACT ON ANY INVESTMENT.

 

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Press Release

Terracore Capital Acquires a Strategically Located Light Industrial Facility in Tempe, Arizona, as part of Joint Venture with BKM Capital Partners

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