Tukwila Industrial Asset Provides Opportunity for BKM Capital
- Aug 26, 2016
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