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8/27/25
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Steel Peak closed on an industrial outdoor storage (IOS) property buy, paying $6.2 mil for a 2.4-acre asset in Pacific, WA. The property is located at 1503 Thornton Ave SW, with immediate access to Highway 167 and the Ports of Seattle and Tacoma.
The property includes a 3k sf maintenance shop with 800 sf of office space. The building features two 12-foot by 14-foot grade-level doors. The property has more than two acres of excess graveled and partially paved yard space, ideal for outdoor storage and contractor use. The site is zoned for contractor yards, building material providers, equipment rental, and vehicle maintenance.
This is Steel Peak’s second acquisition in Seattle this year. The company which was founded in January 2024 has now acquired nine properties in Washington, California and Utah.
“This marks Steel Peak’s second acquisition in the Seattle market, where we’re building a meaningful presence,” said Pasha Johnson, Steel Peak Co-Founder. “With additional properties in our pipeline, we’re committed to establishing a long-term foothold in the Kent Valley and surrounding submarkets. Sites like 1503 Thornton Ave SW are irreplaceable, providing the functional yard and shop space that industrial service users need but rarely find available.”
Thad Mallory, SIOR, and Cam Warren of Newmark represented Steel Peak as well as the seller, a private owner.
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