Steel Peak, a commercial real estate investment firm focused on industrial outdoor storage (IOS) properties, has acquired an IOS property located at 25924 78th Avenue S in Kent, Washington, for $5.65 million.
Nick Ratzke and Jim Honan of Neil Walter Company represented the seller, Fields Roof Service, in the sale. Steel Peak represented itself in the transaction.
The transaction marks the company’s first IOS acquisition outside of California. Steel Peak will complete property improvements in preparation for its incoming tenant. 25924 78th Avenue S is located just minutes from the I-5 and I-405 Freeways. The property includes a functional industrial building with shop and office space, as well as outdoor storage space.
“IOS properties with functional buildings and yard space in major metros like Seattle are in high demand — but available supply remains limited,” said Pasha Johnson, Steel Peak Co-Founder. “Signing a long-term lease with Colorado Barricade prior to closing highlights the continued need for well-located IOS properties in the Seattle area.”
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