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| Andover Executive Park, Tukwila, WA |
Tukwila, WA (Oct. 26, 2016) – BKM
Capital Partners, an institutional fund manager with a niche focus on
value-add, multi-tenant light industrial investments, has acquired Andover Executive Park, an
eleven-building multi-tenant industrial business park encompassing 181,163
square feet in the Kent submarket of Tukwila, Washington. The asset was
acquired in an off-market transaction for $19.8 million.
This acquisition comes on the heels
of BKM’s acquisition of Tukwila Commerce Center, which is located adjacent to
the property and marks the firm’s 18th acquisition in its debut fund, according
to Brian Malliet, CEO and Co-Founder
of BKM Capital Partners.
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| Brian Malliet |
“The Kent industrial submarket is
one of the most dynamic in the entire U.S.,” says Malliet. “Currently ranked as
the third largest industrial market in the country, Kent’s quality market
fundamentals continue to dominate the region. Industrial vacancy remains
extremely low, net absorption is positive and rents continue to steadily rise.
" We recognize the deep value potential in this market, and plan to capitalize on
the momentum of this rapidly growing region through increasing our investment
throughout the Seattle area.”
Malliet explains that
BKM’s strategy is to acquire value-add multi-tenant light industrial assets in
strong growth markets across the Western U.S., such as the Seattle metro area,
that provide a tremendous opportunity for value creation.
“Our hyper focus on multi-tenant
light industrial product allows us to identify, source, and acquire properties
that will ultimately deliver the best yields to our institutional investment
partners,” says Malliet. “Based on this niche focus and our deep knowledge of
the market, we were able to acquire the Andover Executive Park well below peak
prices and replacement cost, providing a significant opportunity for generating
a strong ROI.”
For a complete copy of the company’s news release,
please contact:
Lexi Astfalk/Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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