BREMERTON, WA (October 29, 2018) – 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 Kitsap Lake Storage, a 77,838-square foot self-storage facility located in Bremerton, WA. According to Joel Andrew Deis, regional manager of the firm’s Seattle office and the national director of the National Self Storage Group, the facility sold for $16,000,000, representing $205 per rentable square foot, a record price per square foot in the county.
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 local limited liability company. The institutional buyer paid all cash and was also secured by Secreto.
Kitsap Lake Storage is located at 6400 Kitsap Way, Bremerton, WA 98312. It is a well-maintained facility that includes 709 self storage units and sits on 3.75 acres. The Facility was built in one phase in 2006. There are six self storage buildings and a 1,250 square-foot rental office. The Facility has a mix of exterior and interior corridor units all with ground floor drive-up access.
“Kitsap Lake Storage generated strong buyer interest and multiple offers quickly,” says Secreto. “It is a Class A asset in a desirable location.” The Facility serves the Kitsap County community and is conveniently located off Highway 3 overlooking Kitsap Lake.
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 2017 with a value of approximately $42.2 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.