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8/07/19
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In a recent $14.7 mil industrial buy out of the Pacific Northwest, BKM Capital Partners has acquired Federal Way Industrial Portfolio, a two-property portfolio consisting of eight buildings totaling 133.6k sf ($110/sf) in Federal Way, WA, in an off-market deal.
The properties, constructed in 1979, are located at: 34004 – 34016 9th Avenue South; and 33623 – 33799 9th Avenue South and 801 – 815 South 336th St. The multi-tenant portfolio, currently 75% occupied, is strategically located just south of the Kent Valley industrial submarket off I-5, giving tenants direct access to the Port of Tacoma.
BKM will invest $3 mil in capital improvements to renovate and reposition the properties, including the conversion of one building from office to industrial. The work will create an institutional grade asset that is aligned with the demands of today’s tenants, allowing the firm to quickly lease remaining vacant space, bring rents up to market, and enhance the long-term value of the property.
According to BKM Capital Partners Managing Director of Acquisitions, Brett Turner, a recently formed partnership between the Northwest Seaport Alliance and the Port of Seattle is a key factor in the company’s purchase decision. “This recent partnership has significantly increased container volumes, which is pushing tenant demand south. This puts our newly acquired portfolio in a direct path of growth, which we can leverage to increase occupancy and maximize performance.”
BKM was represented in the off-market acquisition by Max White and Nicholas Ratzke with Neil Walter Company. The seller, a private investor, was also repped by White and Ratzke.
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