Marcus & Millichap Closes Record-Breaking Sale of Self-Storage Asset in Seattle
- Mar 14, 2016
Issaquah, Wash.—Marcus & Millichap has arranged the sale of Issaquah Newport Way Storage, a 518-unit self-storage facility located in Issaquah, Wash. The property sits on 0.61 acres and offers about 73,350 square feet of space.
The sales price, which equates to $289 per square foot, is the highest price per square foot paid for a self-storage facility in the Seattle area.
The seller, a local LLC, was represented by Chico LeClaire, a senior vice president investments in Marcus & Millichap’s Denver office.
After having received numerous substantial offers from national institutions, the facility eventually closed above the list price. Golden & Associates represented the buyer, a local family trust. Joel Deis is Marcus & Millichap’s broker of record in the state of Washington.
“At a 5 percent cap rate, the asset gives the buyer continued upside in rents in what is a very tight rental market,” LeClaire said in prepared remarks. “The transaction shows the interest local investors have in Class A properties that are very difficult to replicate and demonstrates that private money can compete with national REITs.”
Issaquah Newport Way Storage is located at 795 NW. Juniper St. within an affluent area of Issaquah. More than 117,000 people live within a five-mile radius of the property, which was developed in 2009. All storage units within the four-story building are climate-controlled. Amenities include a full video surveillance system with security monitor displays, an institutional-quality leasing office, individually alarmed units, covered loading areas, and two oversized freight elevators.
“The property has been meticulously maintained, and truly stands out amongst its competitors in the area,” concluded LeClaire.
Image courtesy of Marcus & Millichap