October 30, 2016
BKM Capital Partners made its second acquisition in Tukwila, WA, buying the 181,163-square-foot, light-industrial Andover Executive Park. The Irvine, CA-based buyer paid $19.8 million to ScanlanKemperBard for the 40-year-old business park at 400-774 Industry Dr. CBRE represented the seller.
The acquisition comes a little more than two months after BKM bought the Tukwila Commerce Center, which is adjacent to the 11-building Andover Executive Park. The new owner plans capital improvements to its new asset, including roofing upgrades, exterior paint, landscaping, facades and signage. BKM will also introduce interior common areas.
“We will use our existing presence and operating platform in the Seattle metro to lease the remaining vacant space, decrease operating costs and increase NOI,” said BKM’s Brian Malliet. “This integrated approach will allow us to immediately reduce operating expenses by more than 10% at the property.”
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