Self-Storage Selling Spree Continues In Seattle
Sixty percent of the Birch Bay Business Park & Storage facility in Blaine sold for $3M, or $124 per rentable square foot.
The seller retained a 40% interest in the 41K SF property, which sits on 10.6 acres at 4550 Birch Bay Lynden Road. Marcus & Millichap’s Christopher R. Secreto marketed the property on behalf of the seller and also secured the buyer.
Marcus & Millichap has sold several storage facilities in secondary and tertiary markets recently. The Kitsap Lake Storage facility in Bremerton sold for $16M, which was a record price per square foot for self-storage facilities for the county at $205 per SF.
In Bothell, the firm sold Affordable Self Storage for $155 per rentable square foot. In April 2019, Eastside Self Storage in North Bend sold for $12.7M, which is the second-highest price per SF self-storage property transaction in Washington.