Home Commercial CBRE Global Investors Acquires Two Puget Sound Self-Storage Facilities for $63.24MM

CBRE Global Investors Acquires Two Puget Sound Self-Storage Facilities for $63.24MM

StorQuest, CBRE, Bothell, Lake Stevens,
StorQuest Lake Stevens. Courtesy of CBRE.

(EDITOR’S NOTE: According to public records, StorQuest Lake Stevens traded for $31.2 million, while StorQuest Bothell sold for $32.219 million.)

NEW YORK – July 29, 2021 – A fund sponsored by CBRE Global Investors has acquired four self-storage assets (“Portfolio”) totaling 3,746 units across 296,286 square feet. The facilities are in Boulder, Colo., Vista, Cailf., Bothell, Wash, and Lake Stevens, Wash. The fund now owns 19 self-storage assets across the United States, totaling 13,650 units.

The recently acquired assets, which were all delivered in 2020, are:

  • StorQuest Boulder, located at 4790 Pearl Street, includes 772 climate-controlled units across 69,115 square feet.
  • StorQuest Vista, located at 943 South Melrose Drive, includes 899 climate-controlled units across 74,416 square feet.
  • StorQuest Bothell, located at 21008 Bothell Everett Highway, includes 1,155 climate-controlled units across 74,805 square feet.
  • StorQuest Lake Stevens, located at 1113 WA-204, includes 920 climate-controlled units across 77,950 square feet.

“These recent StorQuest acquisitions are located in markets that are typically undersupplied with this product type,” said Justin Shanahan, a director with CBRE Global Investors. “Given the local market demand drivers and barriers to entry, coupled with the robust population and job growth that is present in each market, we believe we will be able to continue the robust leasing momentum at the facilities.”

Ethan Khalil, Commercial Acquisitions for CBRE Global Investors, continued, “We believe that the Portfolio is well-positioned to achieve and maintain its fortress positions within each market and generate strong returns over a long-term hold. By acquiring the Portfolio during various stages of lease-up, we believe we will be able to generate attractive risk-adjusted returns at a premium to comparable stabilized product.

About CBRE Global Investors

CBRE Global Investors is a global real assets investment management firm with $129.1 billion in assets under management* as of June 30, 2021. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.

CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2020 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees serving clients in more than 100 countries. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.

Property in Bothell.