Steel Peak has acquired an industrial outdoor storage (IOS) property located at 1503 Thornton Ave SW in Pacific, Washington, for $6.2 million. This is Steel Peak’s second acquisition in Seattle this year.

The company, which was founded in January 2024, has now acquired nine properties in Washington, California and Utah. “With additional properties in our pipeline, we’re committed to establishing a long-term foothold in the Kent Valley and surrounding submarkets,” said Pasha Johnson, Steel Peak Co-Founder.

Thad Mallory, SIOR, and Cam Warren of Newmark represented Steel Peak and the seller, a private owner. 1503 Thornton Ave SW is ideally located with immediate access to Highway 167 and the Ports of Seattle and Tacoma. The 2.40-acre property includes a 3,000-square-foot maintenance shop with 800 square feet of office space. It also has more than two acres of excess graveled and partially paved yard space. The site is zoned for contractor yards, building material providers, equipment rental, and vehicle maintenance.