August 6, 2019
Newport Beach, CA-based BKM Capital Partners acquired a two-property industrial portfolio consisting of eight buildings totaling 133,595 square feet in Federal Way. The assets were picked up in an off-market transaction from an unnamed private investor for $14.7 million.
BKM Capital Partners’ Brett Turner says, “This was a rare opportunity to acquire two highly functional business parks strategically located in metro-Seattle’s tightest industrial submarket. With current occupancy at 75% and fundamentals that are poised to drive new industrial users to the market, there is a clear opportunity to build value in these assets.”
The multi-tenant industrial portfolio is south of the Kent Valley industrial submarket off I-5. A recently-formed partnership between the Northwest Seaport Alliance and the Port of Seattle was a key factor in BKM’s value-add strategy. BKM plans to invest $3 million to renovate and reposition the properties, including the conversion of one building from office to industrial.
Neil Walter Company’s Max White and Nicholas Ratzke represented both parties.
The properties are located at:
– 34004 – 34016 9th Ave. S.
– 33623 – 33799 9th Ave. S.
– 801 – 815 South 336th St.
For comments, questions or concerns, please contact Dennis Kaiser