Steel Peak has expanded its industrial outdoor storage portfolio with the purchase of a property at 1031 4th Avenue North in Kent, Washington, for $9 million. The acquisition adds to the firm's IOS holdings in the Seattle area and marks its fourth purchase of this asset type in the region over the past 12 months, and its 15th IOS acquisition overall.
The Kent property is positioned within the Kent Valley, a dense infill industrial corridor in the Seattle region. According to Steel Peak Principal Blake Rodgers, the site meets several of the firm's criteria for IOS investments, including its infill location and visibility from Highway 167. Rodgers noted that the combination of access and exposure makes the asset difficult to replicate in today's market.
The 3.09-acre site supports both building and yard uses. It includes a 23,515-square-foot industrial building with five oversized grade-level doors designed to accommodate large vehicles and equipment. Inside the facility are seven bridge cranes, providing on-site material-handling capability suited to heavy industrial and logistics operations. The property also contains approximately 2,500 square feet of office space, enabling administrative functions to be housed on site.
Beyond the building, the asset features a fully paved and fenced yard, which is central to its function as an industrial outdoor storage property. The combination of secured yard space and improved industrial facilities supports outdoor storage, equipment staging, and related operational needs.
From a transportation standpoint, 1031 4th Avenue North offers direct visibility from Highway 167 and is positioned to facilitate efficient north-south freight movement throughout the Puget Sound region. This connectivity underpins the property's role within regional distribution and logistics networks and aligns with ongoing demand for well-located industrial outdoor storage sites.
Will Schmidt of CBRE represented Steel Peak in the acquisition. The seller was not disclosed, and no additional transaction terms were provided in the source material.
Separately, industrial market participants and stakeholders are being invited to hear perspectives from West Coast industrial executives, investors, and developers at an upcoming event on August 20. The program is expected to address shifting capital flows, debt trends, occupier requirements, and development strategies in the industrial sector, with registration available through the event's conference website.
