The $289 price per square foot is the highest on record in the Seattle area
SEATTLE, WA | Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of Issaquah Newport Way Storage, a 518-unit self-storage facility in Issaquah, Washington. The property sold for $289 per square foot, which is the highest price per square foot paid for a self-storage facility in the Seattle area.
Chico LeClaire, a senior vice president investments in Marcus & Millichap’s Denver office, represented the seller, a local LLC. The property received numerous substantial offers from national institutions and the facility eventually closed above the list price. Golden and 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,” says LeClaire. “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.”
The facility 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.
Built in 2009, Issaquah Newport Way Storage is a four-story building with all climate-controlled storage units. The property features numerous amenities, including 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,” concludes LeClaire.