BKM Capital Partners, a vertically integrated institutional fund manager, expanded its Puget Sound portfolio with the acquisition of Pacific Industrial Park in Marysville, Washington for $20.272 million. The Seattle-area, 122,000-square-foot light industrial park includes four buildings and was sold by Pacific Industrial Park L.P. I, a family-owned operator that has held the asset since development.
The 8.65-acre, Class-A, institutional-quality industrial park is located within the larger Cascade Industrial Center in the rapidly growing Marysville/Arlington Submarket. Constructed between 1998 to 2000, this is the first time the property has been available for sale. The site offers excellent access to I-5 North and South and is adjacent to Amazon’s new 2.8-million-square-foot fulfillment center slated to open later this year. Nearby Paine Field offers passenger air service and is home to a large and diversified mix of industrial companies.
“This was a prime opportunity for BKM to acquire an industrial asset in the Cascade Industrial Center, which is becoming a hub for large- and medium-bay industrial activity, including Amazon and Northpoint. Amazon is nearing completion on a five-story state-of-the-art logistics facility that is generating significant momentum and creating follow-on demand in the local market,” said Brian Malliet, CEO of Newport Beach, California-based BKM. “The rising cost of business and cost of living in most infill Seattle submarkets has driven residents and businesses to more affordable outlying submarkets such as Marysville, which is 34 miles north of downtown Seattle.”
The property is currently 100% leased across 11 units. This is BKM’s eighth acquisition in the Puget Sound, bringing its current holdings in the region to more than 1.1 million square feet across five projects.
Kidder Mathews’ Matthew Hagen, SIOR, and Matthew Henn represented the seller. Fletcher Farrar, of Neil Walter Company, represented the buyer.
