Tukwila Industrial Asset Provides Opportunity for BKM Capital
- Aug 26, 2016
By Alex Girda
Seattle—A Tukwila, Wash., light industrial park is the subject of BKM Capital Partners’ latest move in the Pacific Northwest market. The institutional fund manager paid a total of $45.2 million for the Tukwila Commerce Center, in a deal arranged by CBRE representatives Darla Longo and Brett Hartzell.
Located at 601-699 Strander Blvd. and 800-1164 Industry Drive, the industrial park consists of 27 buildings that offer a combined total of 476,765 square feet of space. According to BKM CEO & Co-Founder Brian Malliet, the asset was purchased at a significant discount to replacement cost and peak pricing. Tukwila Commerce Center is located in a submarket that boasts high occupancy numbers and strong fundamentals for industrial real estate.
The 38-year-old property is set to be taken through a capital improvements program that will allow the property to produce considerably more revenue. Roughly $7.9 million will be invested in creative upgrades including paint, landscaping, exterior facades, tenant and monument signage and common areas.
Image courtesy of BKM Capital Partners