BKM Capital Partners Acquires Puget Sound Industrial Asset for $20 Million
California Firm Expands Seattle Portfolio with Four-Building Light Industrial Park

SEATTLE, October 12, 2022 – BKM Capital Partners, a vertically integrated institutional fund manager, expanded its Puget Sound portfolio with the acquisition of Pacific Industrial Park in Marysville, WA for $20,272,000. The Seattle-area 122,000-square-foot light industrial park includes four buildings and was sold by Pacific Industrial Park L.P. I, a family-owned operator that has held the asset since development.
The 8.65-acre, 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-million-square-foot 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.
“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.”
The property is currently 100% leased across 11 units that range in size from 5,060 square feet to 28,206 square feet to such tenants as the Snohomish County Sheriff, Greenpointe Technologies, and Dish Networks. Located at 14800 - 15100 40th Ave. NE, the park includes four tilt-up structures that still retain their early 2000’s cosmetic scheme. This is BKM’s eighth acquisition in the Puget Sound, bringing its current holdings in the region to more than 1.1 million square feet across 5 projects.
“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.”
BKM’s in-house property and construction teams will execute an asset improvement program specifically crafted to create a standardized experience for tenants. In addition to incorporating BKM’s distinctively branded paint design, upgrades and improvements will touch parking lots, ESG projects, interior buildouts, roofs, drought-tolerant landscaping, HVAC, lighting, signage and a wrought iron security fence surrounding the Sherriff’s space. BKM will leverage its existing local management team, as well as vertically integrated platform and agile approach to breathe new life into the asset.
BKM Capital Partners has a built strong market position in the multi-use logistics and small- and mid-bay light industrial asset class. The company has created a vertically integrated operational platform; central to this is a team capable of managing the space and relationships of nearly 2,000 tenants.
Kidder Mathews’ Matthew Hagen, SIOR, and Matthew Henn represented the seller. Fletcher Farrar, of Neil Walter Company, represented the buyer.
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