Wednesday, October 26, 2016
BKM Partners’ Debut Fund Acquires 18th Industrial Business Park Asset in Tukwila, WA for $19.8 Million
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.
“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
Posted by Alex at 11:17 AM