BKM Tukwila 117, an LLC associated with BKM Capital Partners of Irvine, California, has purchased a 30.3-acre industrial park in Tukwila, Washington for $45.2 million according to King County records. The 27 building industrial park, known as Tukwila Commerce Center, was acquired at a discount to replacement cost and peak pricing, according to Brian Malliet, CEO and Co-Founder of BKM Capital Partners. The property was sold by Icon Tukwila Owner Pool 2, an LLC associated with Global Logistics Properties, in a deal brokered by CBRE. Global Logistics Properties, a Singapore investment and property management company with U.S. headquarters in Chicago, originally acquired the complex in April 2015 for $52.7 million from an affiliate of Walton Street Capital.
The Tukwila Commerce Center industrial park at 601-6699 Strander Blvd. and 800-1164 Industry Dr. in the Kent Valley submarket of Seattle was originally developed in the 1970s. The multi-tenant warehouse/business park buildings totaling 476,765 square feet was 83% leased at the time of sale to over 230 tenants. The 30.3 acre property is considered one of Seattle's premier multi-tenant business parks, with no new construction of this product type in the market, as another hasn't been built since the 1990's. BKM said it plans to invest another $7.9 million on the property, upgrading interiors and exteriors, including common areas.
For more news and information visit Blumberg Partners.
No comments:
Post a Comment