BKM Expands Seattle-Area Footprint with Industrial Buy
- Nov 07, 2016
Tukwila, Wash.—BKM Capital Partners has purchased Andover Executive Park, an 11-building, multi-tenant industrial business park encompassing 181,163 square feet in the Kent submarket of Tukwila. The property was acquired in an off-market transaction for $19.8 million.
“Our hyper focus on multi-tenant light industrial product allows us to identify, source, and acquire properties that will ultimately deliver the best yields to our institutional investment partners (…), Based on this niche focus and our deep knowledge of the market, we were able to acquire the Andover Executive Park well below peak prices and replacement cost, providing a significant opportunity for generating a strong ROI.” Brian Malliet, CEO & co-founder of BKM Capital Partners, said in a prepared statement.
BKM Capital plans to implement a series of capital improvements to the business park, which include renovations to the rooftops, exterior paint, landscaping, facades and signage, as well as adding creative exterior accents and interior common areas.
“Through these capital improvements, we will be able attract and retain high quality tenants, drive rent growth for the property over time, and add to the long-term value of the asset,” said Brett Turner, director of acquisitions at BKM Capital Partners.
Andover Executive Park is located off the intersection of the I-5 and 405 freeways at 400-774 Industry Drive in Tukwila, Wash., and also benefits from its proximity to BKM’s other asset in the area, Tukwila Commerce Center.
Image courtesy of BKM Capital Partners