BKM Capital Partners Acquires Olympic Industrial Park in SeaTac, WA for $17.7 Million

Off-Market Transaction Expands Firm’s Presence in the Supply-Constrained Kent Valley Industrial Market

SeaTac, WA – July 29, 2025 – BKM Capital Partners, a vertically integrated institutional fund manager specializing in multi-tenant light industrial real estate, has acquired Olympic Industrial Park, a 74,783-square-foot multi-tenant industrial property in SeaTac, WA. The $17.7-million off-market acquisition marks BKM’s latest strategic investment in the high-demand Puget Valley industrial market.

Located at 19111 Des Moines Memorial Drive, Olympic Industrial Park comprises two buildings—an industrial facility and a 19,150-square-foot office component. BKM simultaneously sold the office building to a private local investor in a $1.2-million transaction that closed concurrently with the acquisition. The 74,783-square-foot industrial asset features six units averaging nearly 15,000 square feet, 26 dock-high doors, seven grade-level doors, 20-foot clear heights, and secured side yards for end-cap suites. The building is currently 77% leased to a mix of logistics and aerospace users, reflecting its strategic proximity to Seattle-Tacoma International Airport.

“This acquisition exemplifies our ability to source high-quality assets with immediate mark-to-market upside and a clear value creation plan,” said Brett Turner, Senior Managing Director of Acquisitions and Dispositions at BKM Capital Partners. “With strong in-place cash flow and near-term ability to capture market rent growth, Olympic Industrial Park offers strong fundamentals, rare functionality, and long-term demand drivers that align perfectly with our strategy.”

BKM’s repositioning plan includes a robust exterior capital improvement program to upgrade paint, landscaping, signage, and parking. In-place rents are currently 18% below market, and upcoming expirations on all existing leases offer embedded rental upside.

Acquired at a significant discount to estimated replacement cost, Olympic Industrial Park was sourced off-market from a private investor. The transaction was completed on behalf of a joint venture with an undisclosed institutional investor.

“With vacancy hovering near 3%, SeaTac remains one of the tightest industrial markets in the Pacific Northwest and continues to draw tenants migrating out of South Seattle in search of more functional space,” said Brian Malliet, Founder, CEO, and CIO of BKM. “This asset’s location, strong tenancy, and well-timed entry into a supply-constrained submarket position us to benefit from that sustained demand—especially among small- to mid-size users facing a severe lack of available options in the market.”

The transaction follows BKM’s earlier purchase of the adjacent SeaTac Industrial Park, completed earlier this year with the same broker.

The Kent Valley industrial market encompasses over 150 million square feet yet currently has only 223,000 square feet under construction—highlighting the severe supply-demand imbalance. In SeaTac specifically, just one competitive availability exists in the target size range, further underscoring the submarket’s strength.

Learn more about the property at bkmolympic.com.