Bothell, Wash., July 2, 2019 – 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 Affordable Self Storage, a 38,725-square foot self-storage facility located in Bothell, Washington. According to Joel Deis, Regional Manager of the firm’s Seattle office and the National Director of the National Self-Storage Group, the facility closed at full list price. It sold at $6,000,000, representing approximately $155 per rentable square foot.
Christopher R. Secreto, Senior Vice President Investments at the firm’s Seattle office and a Senior Director of the National Self-Storage Group, had the exclusive listing to market the property on behalf of the seller, a partnership based in Washington. The out-of-state buyer was also secured by Secreto.
Affordable Self Storage is located at 1621 196th Street Southeast, Bothell, Washington. The facility is conveniently located on 196th Street off the Bothell-Everett Highway and sits amidst a dense commercial and residential zone that includes a mix of apartments and various retail establishments. The facility was built in one phase in 1983 on one tax parcel of land totaling 2.08 acres. It consists of 290 self storage units.
“Affordable Self Storage attracted multiple offers and generated a highly-competitive bidding process,” says Secreto. “Much of the area is gentrifying and buyers were attracted to the Facility’s proximity to the new Paine Field Airport and Seattle.”The Facility serves the city of Bothell and Snohomish County as a convenient self storage facility with a wide variety of unit sizes.About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2018 with a value of approximately $46.3 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com