The COVID-19 pandemic has fueled demand for self-storage facilities as many consumers are spending time in their homes. This growth in demand has caused increased interest from investors, evidenced by numerous transactions that have taken place over the past year.
In a recent transaction, Eastside Self Storage in North Bend, Wash., was sold to Oakbrook, Ill.-based Inland Real Estate Group for $18.7 million. The seller in the transaction was Merit Hill Capital, according to King County public records.
The property is located at 1410 Boalch Avenue NW on just over six acres of land. Property records show that the facility was built in 2005 and totals 6,160 square feet.
The property is located outside of Seattle, just off Interstate 90, near several other self-storage facilities, including North Bend Mini Storage, Cascade Heated Self Storage and Rowley Trailer Storage.
The property’s new owner is a commercial real estate investment trust founded in 1968. Since its founding, Inland has sponsored 784 real estate investment programs, raising more than $26 billion from investment product sales across numerous sectors. In addition, Inland owns nearly 700 properties across 49 states, with a portfolio worth $11.6 billion.
Self-storage properties have been trading rapidly in the Pacific Northwest. Most recently, a three-building self-storage portfolio located in Elma and McCleary, Wash. sold for $11.5 million. In November, two StorQuest locations in Bothell and in Lake Stevens also were sold to Invesco. The properties are located at 17811 Bothell Everett Highway and 1113 WA-204, and sold for $32.2 and $31.2 million, respectively.