TUKWILA AND KENT, WASH. — BKM Capital Partners has purchased a five-building, 401,000-square-foot industrial portfolio in metro Seattle. Terms of the transaction were not disclosed.
Spanning 19 acres and offering 21 units, the portfolio includes Southcenter West Business Park, a three-building, 287,000-square-foot campus in Tukwila; Kent Valley Distribution Center III, a 50,450-square-foot facility in Kent; and a 64,000-square-foot asset in Kent. Built between 1973 and 1979, the properties feature 24-foot clear heights, 90- to 110-foot truck court depths, wet pipe sprinklers, LED lighting, “ample” parking and a mix of dock-high and ground-level loading. The portfolio has a 2.9-year weighted average lease term, with no more than 26 percent of net rentable area expiring in any given year. At the time of sale, the portfolio was 84 percent occupied.
Brett Turner and Michael Grossner provided in-house representation for BKM, while Buzz Ellis of JLL Capital Markets represented the undisclosed seller in the deal.