Two years since the start of the COVID-19 pandemic, self-storage assets continue to be in high demand for both consumers and investors as many employees remain working from home. Investor interest in the Seattle metropolitan area continues to hold true, with recent deals exemplifying this trend.
In one recent deal that closed on July 12, Harrison Street Capital acquired four self-storage assets for a combined $147.6 million. In each transactions, Seattle-based Columbia Pacific Advisors was the seller.
In the first transaction, Harrison Street acquired a 129,261 square foot self-storage asset at 16750 Aurora Avenue N. in Shoreline. King County public records show the building sold for $32.5 million, or about $251 per square foot.
The second transaction was for a 95,527 square-foot CubeSmart self-storage building at 15902 Woodinville-Redmond Road NE in Woodinville. Public records show the property sold for $37.4 million, or about $391 per square foot.
The company also purchased the Trojan Storage of Lynnwood, which is located at 19331 Highway 99, for $44.2 million, or about $337 per square foot. The property is a 130,819 square foot facility reaching five stories high.
An additional storage facility located at 3600 156th Street NE in Marysville was acquired for $33.5 million, or about $297 per square foot. Built in 2020, the Marysville property is a three-story self-storage facility totaling 119,510 square feet according to public records.
The new owner of the properties, Harrison Street, was founded in 2005 and has since invested in various property types, including senior housing, student housing, healthcare, life sciences and storage. Currently, the company has approximately $44 billion in assets under management.
