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BKM Capital Partners Acquires SeaTac Industrial Park for $29M
BKM Capital Partners (BKM) has acquired the SeaTac Industrial Park in SeaTac, Washington, for $29 million. The 129,677-square-foot property is situated in a predominant industrial market in the Seattle metro area.
“SeaTac Industrial Park is a rare gem, offering cross-dock functionality for small-bay users in a submarket where industrial properties of this caliber are both in high demand and in short supply,” said Brett Turner, Senior Managing Director of Acquisitions & Dispositions at BKM. “With a 42% discount to replacement cost, this acquisition is well-positioned to deliver significant upside for our investors.”
SeaTac Industrial Park comprises three buildings with 18 units ranging from 1,929 to 32,512 square feet, with office spaces comprising 16% of the total footprint. Located at 18802-19024 13th Place S, the property is 92% leased. BKM plans to invest nearly $2 million in capital improvements, including converting the park’s largest unit from 32,512 square feet into four smaller units between 6,000 and 16,000 square feet.
