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11/01/22
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BKM Capital Partners expanded its Puget Sound portfolio with the acquisition of Pacific Industrial Park in Marysville, WA for $20.3 mil. The Seattle-area, 122k sf light industrial park includes four buildings situated on 8.65 acres at 14800 - 15100 40th Ave NE.
The Class A, institutional-quality industrial park is located within the larger Cascade Industrial Center in the rapidly growing Marysville/Arlington Submarket. Constructed between 1998 to 2000, this is the first time the property has been available for sale.
The site offers excellent access to I-5 North and South and is adjacent to Amazon’s new 2.8 msf fulfillment center slated to open later this year. Nearby Paine Field offers passenger air service and is home to a large and diversified mix of industrial companies.
The property is currently 100% leased across 11 units that range in size from 5.1k sf to 28.2k sf to such tenants as the Snohomish County Sheriff, Greenpointe Technologies, and Dish Networks. The park includes four tilt-up structures that still retain their early 2000’s cosmetic scheme.
Kidder Mathews’ Matthew Hagen, SIOR, and Matthew Henn represented the seller, Pacific Industrial Park L.P. I, a family-owned operator that has held the asset since development. Fletcher Farrar of Neil Walter Company repped the buyer.
“This was a prime opportunity for BKM to acquire an industrial asset in the Cascade Industrial Center, which is becoming a hub for large- and medium-bay industrial activity, including Amazon and Northpoint. Amazon is nearing completion on a five-story state-of-the-art logistics facility that is generating significant momentum and creating follow-on demand in the local market,” said Brian Malliet, CEO of Newport Beach, CA-based BKM Capital Partners. “The rising cost of business and cost of living in most infill Seattle submarkets has driven residents and businesses to more affordable outlying submarkets – such as Marysville, which is 34 miles north of downtown Seattle.”
“We recognize there is an opportunity to capture value through a proactive leasing plan, coupled with our strategic capital improvement program,” said Brett Turner, Senior Managing Director of Acquisitions at BKM Capital Partners. “BKM’s investment approach for this asset will be to focus our capital allotment on value-add additions that appeal to tenants in the marketplace seeking highly functional and efficient industrial space for their business.”
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