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8/18/16
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BKM Capital Partners has acquired the Tukwila Commerce Center, a 27-building, 476.8k sf multi-tenant light industrial park in the Seattle metro area, for $45.2 mil, or $95/sf. The property is located at 601-699 Strander Blvd and 800-1164 Industry Dr, just off the intersection of the I-5 and 405 freeways and approximately 13.5 miles from downtown Seattle.
The property, which is situated in the Kent submarket of Tukwila, was acquired at a discount to replacement cost and peak pricing, according to Brian Malliet, CEO and Co-Founder of BKM Capital Partners. Approximately 31 percent of the tenants have occupied the location for over 10 years.
Tukwila Commerce Center was constructed in 1978 by the Koll Company. BKM plans to upgrade the property through a series of key cosmetic improvements to the interior and exterior of the buildings, totaling $7.9 mil, which will enhance the overall aesthetic and functionality of the property. Planned improvements include creative upgrades to the paint, landscape, exterior facades, tenant and monument signage and common areas, among others.
“Kent is the third largest industrial area in the U.S. and one of the fastest growing markets,” says Malliet. The Kent Valley submarket boasts 97.4 percent industrial occupancy with extremely high barriers to entry, providing a strong opportunity for long-term demand and rent growth.
The seller was represented in the transaction by Darla Longo and Brett Hartzell with CBRE.
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