Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Market Street Self Storage & Retail, a 579-unit self-storage and retail facility located in Seattle’s Ballard neighborhood adjacent to the Ballard Locks, a series of locks in the Lake Washington ship canal that experiences a great deal of boat traffic. The property sold for $24.9 million, which represents $282 per square foot. The sale is the largest self-storage property transaction by price ever to take place in the state of Washington.
“The offering was a rare chance to acquire an urban Seattle self-storage asset in a fast-growing, upscale neighborhood,” says Christopher Secreto, first vice president investments in Marcus & Millichap’s Seattle office. “The desirable street-front retail tenants drive traffic to the highly visible location, which contributed to the asset’s investment value and helped make the sale a record-breaker.”
Secreto and Andrew Norris, also in the firm’s Seattle office, represented the seller, a local investment firm. Secreto and Norris procured the buyer, a national investment group that is enlarging its self-storage portfolio.
Built in in 1946 and expanded between 2001 and 2016, the facility is located at 2811 NW Market St, approximately three miles north of downtown Seattle.
Market Street Self Storage & Retail features 549 self-storage units, 15 work lofts and 15 retail tenant suites spread over two buildings on 88,148 net rentable square feet.
This sale is one of seven transactions valued at more than $56 million that Secreto facilitated within a recent two-week period.