BKM Capital Partners Makes $30 Mil Industrial Buy in Washington State

October 4, 2019

BKM Capital Partners has acquired West Valley Business Park, an industrial complex consisting of 179 units in 19 buildings totaling 205.7k sf in Seattle’s Kent Valley submarket. BKM acquired the property, located at 19226 66th Ave, from Entera Properties in an off-market transaction for $30.45 mil, or $148/sf.

 “This was a rare opportunity to acquire a premier multi-tenant industrial park at 35% discount to value, located in Seattle’s highly sought-after Kent Valley industrial submarket,” says BKM Capital Partners Managing Director of Acquisitions, Brett Turner. “Even with nearly 600k sf of new warehouse space recently delivered to this submarket, the industrial vacancy rate remains low at only 4%, placing upwards pressure on rents. These fundamentals demonstrate the high level of demand in the market and opportunities to attract new users to the region.”

West Valley Business Park is strategically located south of the intersection of the I-5 and I-405 freeways and just 13.5 miles from Downtown Seattle, with frontage on SR-181, known as West Valley Highway, a key north-south arterial bisecting Kent Valley.

Originally constructed in 1982, West Valley Business Park is 92% leased to 164 tenants. In-place rents are well below market, presenting BKM with an opportunity to implement its value-add strategy and bring rental rates up to market. The firm plans to invest approximately $1.2 mil in capital improvements to renovate and reposition the property.

BKM represented itself in the off-market acquisition. The seller, a private investor, also represented itself. BKM has been active in the Seattle region of late, having recently acquired Federal Way Industrial Portfolio, a two-property portfolio consisting of eight buildings totaling 133.6k sf in Federal Way, WA.

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BKM CAPITAL PARTNERS

 

Headquartered in Newport Beach, California, BKM Capital Partners is a fund manager specializing in the acquisition and improvement of value-add multi-tenant industrial properties in metro areas across the Western U.S. Combining a deep knowledge of this niche industrial product type with in-house capabilities including on-site property management, asset management, and structured financing, the firm continues to build on its proven track record, generating strong results with high levels of transparency and engagement for investors. 

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BKM MANAGEMENT COMPANY

 

BKM Management Company manages a portfolio of 8.2 million square feet of multi-tenant industrial properties for BKM Capital Partner’s private and institutional investors. With a focus on “boots on the ground” execution at the property level, BKM has in-house capabilities for both property management and leasing. The teams at the property level are focused on ensuring the tenants thrive and that the properties managed in the most efficient way.

 

 

 

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Phone: 949.566.8800

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