Home Commercial Hemstreet Development Corp. Sells 81,828 SQFT Self-Storage Facility in Mill Creek for...

Hemstreet Development Corp. Sells 81,828 SQFT Self-Storage Facility in Mill Creek for $16.3MM

By Jack Stubbs

In mid-November, in a transaction that was recently recorded, a self-storage facility in Mill Creek sold for $16.3 million, or just under $200 per square foot. The buyer of the property was SSGTII 16628 Bothell Everett Hwy LLC, an entity that shares the same address as SmartStop Asset Management based in Ladera Ranch, CA. The seller was Scottsdale, AZ-based Hemstreet Development Corp., a commercial real estate development and property management company.

The subject property is a self-storage/mini-warehouse facility, located at 16618 Bothell-Everett Hwy, which totals 81,828 square feet, according to the property listing on realtytrac.com. Built in 2003, the property sits on just under 8 acres. 

The facility is approximately six miles south of the recently-opened Paine Field Airport via State Route 527, and roughly the same distance from Lynnwood to the southwest. 

With approximately $1.6 billion in current assets—across a portfolio valued at just over 10 million rentable square feet—SmartStop Asset Management continues to look for additional self-storage, student and senior housing assets to add to its portfolio. In terms of self-storage, SmartStop looks to acquire properties located in high-density urban locations with long-term income and growth potential. 

Originally founded in 1975 and based in the Pacific Northwest, Hemstreet Development has since designed, constructed and managed a portfolio of properties in Oregon, Washington, and California, among various other states nationwide. 

There have been a number of transactions involving self-storage facilities in recent quarters. In mid-October, Brooklyn, NY-based Meritt Hill Capital acquired an eight-building self-storage facility in North Bend, WA totaling 48,000 square feet from Eastside Self Storage LLC.