Steel Peak Acquires $6M IOS Property in Seattle

Steel Peak has acquired an industrial outdoor storage (IOS) property located at 515 South 96th Street in Seattle, Washington, for $5.75 million. This is Steel Peak’s 10th IOS property acquisition on the West Coast since the company was founded in January 2024.

Evan Lugar and Thad Mallory, SIOR, of Newmark represented Steel Peak as well as the seller, a private owner. Steel Peak acquisitions director Spencer Mikles also helped secure the deal.

“This marks our third IOS property acquisition this year in the Seattle market, a key West Coast market for our growth,” said Blake Rodgers, Steel Peak Principal. “We’re committed to being long-term investors in Seattle and surrounding submarkets, as well as primary industrial markets across the Western United States.”

515 South 96th Street is ideally located in the South Seattle submarket with direct access to I-5, SR-99, Highway 509 Freeways as well as the Seattle-Tacoma International Airport. The 2.42-acre property includes a 3,600-square-foot maintenance shop with three grade-level doors.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

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