{"id":1004139244,"date":"2016-03-14T05:29:20","date_gmt":"2016-03-14T13:29:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004139244"},"modified":"2020-05-14T00:56:01","modified_gmt":"2020-05-14T08:56:01","slug":"marcus-millichap-closes-record-breaking-sale-of-self-storage-asset-in-seattle","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/marcus-millichap-closes-record-breaking-sale-of-self-storage-asset-in-seattle\/","title":{"rendered":"Marcus & Millichap Closes Record-Breaking Sale of Self-Storage Asset in Seattle"},"content":{"rendered":"

By Adriana Pop, Associate Editor <\/em><\/p>\n

Issaquah, Wash<\/strong>.\u2014Marcus & Millichap<\/a> has arranged the sale of Issaquah Newport Way Storage, a 518-unit self-storage<\/a> facility located in Issaquah, Wash. The property sits on 0.61 acres and offers about 73,350 square feet of space.<\/p>\n

\"Issaquah<\/a>

Issaquah Newport Way Storage<\/p><\/div>\n

The sales price, which equates to $289 per square foot, is the highest price per square foot paid for a self-storage facility in the Seattle area.<\/p>\n

The seller, a local LLC, was represented by Chico LeClaire, a senior vice president investments in Marcus & Millichap\u2019s Denver office.<\/p>\n

After having received numerous substantial offers from national institutions, the facility eventually closed above the list price. Golden & Associates represented the buyer, a local family trust. Joel Deis is Marcus & Millichap\u2019s broker of record in the state of Washington.<\/p>\n

\u201cAt a 5 percent cap rate, the asset gives the buyer continued upside in rents in what is a very tight rental market,\u201d LeClaire said in prepared remarks. \u201cThe 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.\u201d<\/p>\n

Issaquah Newport Way Storage 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, which was developed in 2009. All storage units within the four-story building are climate-controlled. Amenities include 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.<\/p>\n

\u201cThe property has been meticulously maintained, and truly stands out amongst its competitors in the area,\u201d concluded LeClaire.<\/p>\n

Image courtesy of Marcus & Millichap<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A 518-unit self-storage facility in Issaquah, Wash., changed ownership for a record price per square foot.<\/p>\n","protected":false},"author":260,"featured_media":1004139249,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,1610,15],"tags":[],"class_list":["post-1004139244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-seattle","category-west"],"acf":[],"yoast_head":"\nMarcus & Millichap Closes Record-Breaking Sale of Self-Storage Asset in Seattle - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/marcus-millichap-closes-record-breaking-sale-of-self-storage-asset-in-seattle\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Marcus & Millichap Closes Record-Breaking Sale of Self-Storage Asset in Seattle\" \/>\n<meta property=\"og:description\" content=\"A 518-unit self-storage facility in Issaquah, Wash., changed ownership for a record price per square foot.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/marcus-millichap-closes-record-breaking-sale-of-self-storage-asset-in-seattle\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-03-14T13:29:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-14T08:56:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/Issaquah-Newport-Way-Storage.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"901\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/marcus-millichap-closes-record-breaking-sale-of-self-storage-asset-in-seattle\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/marcus-millichap-closes-record-breaking-sale-of-self-storage-asset-in-seattle\/\",\"name\":\"Marcus & Millichap Closes Record-Breaking Sale of Self-Storage Asset in Seattle - 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