By Jack Stubbs
A storage warehouse in Federal Way was recently snapped up by FollettUSA.
On Thursday, November 16th, a 91,304 square foot self-storage facility in Federal Way sold for $16.35 million, or roughly $179 per square foot, according to a Joel Deis, regional manager of Marcus & Millichap’s Seattle office, which today announced the sale of the asset. The selling price per square foot set a record for its submarket, according to the statement.
The buyer, Sacramento, California-based FollettUSA, is a company that owns, manages and develops home communities and storage facilities across the U.S. FollettUSA bought the asset in partnership with a family trust who has chosen to remain unidentified, according to Christopher Secreto, an investment specialist in Marcus & Millichap’s Seattle office. The seller of the property was Puyallup-based Daffodil Storage, a company that owns and operates storage facilities throughout Washington.
Secreto had the exclusive listing to market the property on behalf of Daffodil Storage, who sold this in an effort to reposition its existing portfolio. The buyer, comprised of two families, was also represented in the transaction by Secreto.
Built in 1991, the Class C warehouse facility is made up of eight individual buildings and sits on a roughly 4.6-acre parcel of land. The facility offers services such as 24-hour surveillance, drive-up access and a modern security system with individual unit alarms, according to Marcus & Millichap’s recent statement. The facility underwent complete renovation in 2015 and 2016.
The property is located at 34202 16th Ave. South and sits approximately four miles to the south of Federal Way. Additionally, the property is roughly three miles from access to Washington State Route 509 and about two miles from access to Interstate-5. The asset’s location meant that demand for the property was robust. “Daffodil Storage is a well-maintained facility in a highly visible location with street frontage,” Secreto said in a statement. “We were able to attract significant interest and multiple offers quickly.”
Founded in 1989, FollettUSA owns home communities in 30 locations across ten states comprising 8,640 units, according to its web site. Starting in 2003, FollettUSA added the development, management and ownership of self storage projects to its business portfolio—the company currently has self-storage facilities in California and Utah.
Daffodil Storage owns and operates self storage facilities for a variety of clients, including college, vehicle, personal and business needs. The company offers a variety of storage unit sizes, from closet-sized to mini-warehouse spaces. Daffodil manages and operates storage facilities throughout the Puget Sound Region, with properties in Puyallup, Milton, Federal Way, Tacoma and Auburn.