Steel Peak, a commercial real estate investment firm focused on industrial outdoor storage (IOS) properties, announced today that it has acquired an industrial outdoor storage (IOS) property located at 1503 Thornton Ave SW in Pacific, Washington for $6.2 million. This is Steel Peak’s second acquisition in Seattle this year. The company which was founded in January 2024 has now acquired nine properties in Washington, California and Utah.

“This marks Steel Peak’s second acquisition in the Seattle market, where we’re building a meaningful presence,” said Pasha Johnson, Steel Peak Co-Founder. “With additional properties in our pipeline, we’re committed to establishing a long-term foothold in the Kent Valley and surrounding submarkets. Sites like 1503 Thornton Ave SW are irreplaceable, providing the functional yard and shop space that industrial service users need but rarely find available.”

Steel Peak Principal Blake Rodgers continued by saying “Demand from construction-related users, contractors, and equipment rental companies continues to outpace supply, with very few sites offering a balance of shop space and large, secure yard areas. Additionally, rising infrastructure spending, combined with limited new development and high replacement costs, ensures long-term rent growth for functional IOS assets.”

Thad Mallory, SIOR, and Cam Warren of Newmark represented Steel Peak as well as the seller, a private owner.

Steel Peak will continue to seek IOS investment opportunities throughout the Western U.S. with capitalized values ranging from $3 million to $50 million. The firm invests directly and in partnership with institutional and high net-worth investors.

1503 Thornton Ave SW is ideally located with immediate access to Highway 167 and the Ports of Seattle and Tacoma. The 2.40-acre property includes a 3,000-square-foot maintenance shop with 800 square feet of office space. The building features two 12-foot by 14-foot grade-level doors. The property has more than two acres of excess graveled and partially paved yard space, ideal for outdoor storage and contractor use. The site is zoned for contractor yards, building material providers, equipment rental, and vehicle maintenance.

About Steel Peak

Steel Peak is a Southern California based real estate investment firm that specializes in the acquisition and improvement of industrial outdoor storage assets throughout the Western United States. Steel Peak’s relationship driven investment strategy focuses on sourcing hidden opportunities that translate to outsized returns. For more information, please visit www.steelpeakproperties.com.

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