By Kate Snyder
A self storage developer is expanding its footprint in the Seattle area with the acquisition of Lake City Mini-Storage for $18.5 million, or approximately $486 per square foot, according to King County property records. The sale was recorded in early November, and the buyer was an entity affiliated with InSite, a firm based in Torrance, Calif. The seller was an entity affiliated with Lake City Storage Partners LLC, North Storage Co-Investment No. 1 LLC, Independent Storage Associates LLC and Robert Morelli Family LLC.
The property is located at 3116 and 3136 NE 130th St. in Seattle. Lake City Mini-Storage is a 38,076 square foot building in Seattle’s Lake City neighborhood, sitting adjacent to the Olympic Hills and Cedar Park neighborhoods. According to Google Maps, nearby businesses are Livi’s Place, a childcare agency, Fred Meyer and Hellbent Brewing Company. There are also close residential areas such as Mysa Apartments, The Cabins and King Arthur’s Court Apartments.
InSite is a vertically integrated self storage developer, operator and manager focused on “leveraging technology to deliver the best performing assets across institutional and emerging markets,” according to the firm’s website. The company has offices in Los Angeles, San Francisco, Orlando, Fla., and Newark, N.J. It owns self storage facilities throughout the country, with several located in Washington. InSite Property Group currently has 50 stores operating and under construction.
Earlier this year, SecureSpace, one of InSite’s affiliate companies, purchased Storage Star in Federal Way, according to The Registry’s previous reporting. Located at 34202 16th Avenue South, that 92,244 square foot property consists of eight single-story buildings containing drive-up and interior units as well as a handful of rentable parking spots. In a separate transaction, SecureSpace also recently purchased an 11-property self-storage portfolio totaling 6,550 units primarily located in the San Francisco Bay Area but also in Portland and Austin, Texas.