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Baranof Holdings LLC recently purchased a 41K SF piece of land in Shoreline that has been approved for a 77K SF self-storage facility.
The property, on Aurora Avenue North, is on a high-visibility thoroughfare. The site is fully entitled and ready to build. It will be Class-A, institutional quality and heated.
Baranof Holdings made the purchase in a joint venture with an institutional equity partner. Greg Wells and Jim Lewis, with Cushman & Wakefield’s Self Storage Practice Group, handled the transaction on behalf of the seller, Lake Union Partners.
“The self-storage market continues to see strong demand from all capital sources,” Wells said in a statement. “This transaction is an example of the continued appetite for well-located development opportunities in high-end, high barrier to entry markets.
“The Pacific Northwest remains a top target market for self storage developers as well as investors.”
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