submarket, offers us the opportunity to market larger
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT), cit.com, a leading provider of commercial lending and leasing services, today 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.”
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About BKM Capital Partners
BKM Capital Partners was founded in 2013 by Brian Malliet and Nima Taghavi. Headquartered in Irvine, California, 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. Combining a deep knowledge of this niche industrial product type with in-house capabilities including on-site property management, asset management, and structured financing, the firm continues to build on its proven track record, generating strong results with high levels of transparency and engagement for investors. bkmcapitalpartners.com
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing, and advisory services principally to middle market companies across a wide variety of industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. cit.com