SEATTLE, WA | The LeClaire Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Heated Storage at The Crossings of Federal Way, a 81,801 square foot self storage facility located in Federal Way, Washington.
Charles “Chico” LeClaire, Executive Managing Director Investments, and Adam Schlosser, First Vice President Investments in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a Seattle based LLC. “Infill assets in gateway cities like Seattle continue to receive unprecedented attention from both private and institutional equity groups,” says Schlosser. “This was a strategic purchase allowing the buyer to further expand their portfolio into select markets around the Pacific Northwest.” The William Warren Group, who operates under the brand Storquest out of Santa Monica, CA, was the buyer. So far this year, the LeClaire Group has sold 28 self-storage properties.
The property consists of 722 drive-up and interior-heated storage units with three rentable outdoor parking spaces. Heated Storage is fully fenced and gated with keypad access and under 24-hour video surveillance. Each unit also features individual door alarms for added security. There is also an institutional quality leasing office with security monitors and a retail display area. The facility is located on the Pacific Highway, a four-lane surface road with a designated turn lane into the property and traffic counts of approximately 26,000 per day. The property has excellent drive-by visibility in both directions and features a monument sign in front of the property. It sits less than a quarter mile from Federal Way Crossings, a large retail center comprised of various national retailers and dining options including The Home Depot, Costco, Lowe’s, Walmart and LA Fitness to name a few. The property is also conveniently accessible from Interstate 5.