SEATAC, WASH. — BKM Capital Partners has purchased SeaTac Industrial Park, an industrial property located in SeaTac, approximately 15 miles south of Seattle, for $29 million in an off-market transaction. Totaling 129,677 square feet, SeaTac Industrial Park comprises three concrete tilt-up buildings with 18 units ranging from 1,929 square feet to 32,512 square feet in size, with office spaces comprising 16 percent of the total footprint.
Located at 18802-19024 13th Place S, the property features 14- to 16-foot clear heights, 45 dock-high doors and 34 grade-level doors. At the time of sale, the asset was 92 percent leased.
BKM Capital plans to invest nearly $2 million in capital improvements to elevate the property’s appeal and address deferred maintenance. Upgrades will include roofing, landscaping, HVAC systems, parking lot repairs and updated signage. A key component of the renovation includes converting the park’s largest unit from 32,512 square feet into four smaller units between 6,000 square feet and 16,000 square feet.