August 26, 2016
BKM Capital Partners acquired the 27-building, 476,765-square-foot Tukwila Commerce Center, a multi-tenant, light-industrial park in Tukwila, WA. The Newport, CA buyer paid $45.2 million to Singapore-based Global Logistics Properties for the asset, which is in Seattle’s Kent submarket.
Brian Malliet with BKM indicated that the asset was acquired at a discount to replacement cost, as well as peak pricing. Seattle’s Daily Journal of Commerce reports that GLP paid $52.7 million when it acquired the center from Walton Street Capital in 2015.
The property is at 601-699 Strander Blvd. and 800-1164 Industry Drive in Tukwila, Washington, approximately 13.5 miles from downtown Seattle. CBRE’s Darla Longo and Brett Hartzell represented the seller. BKM plans close to $8 million in capital improvements including upgrades to paint, landscape, exterior facades, tenant and monument signage and common areas.
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