Lacey, Wash., November 4, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Stowaway Mini Storage, a 19,100-square foot self-storage facility located in Lacey, Washington. According to Joel Deis, Regional Manager of the firm’s Seattle office and the National Director of the National Self-Storage Group, the facility sold at full list price for $2,600,000, representing approximately $136 per rentable square foot.
Christopher R. Secreto, Senior Managing Director Investments at the firm’s Seattle office and a Senior Director of the National Self-Storage Group, had the exclusive listing to market the property on behalf of the seller, a limited liability company based in Washington. Matt Gardner, a multifamily brokerage specialist also in Marcus & Millichap’s Seattle office, secured the buyer and helped them complete a 1031 Exchange from apartments. Marcus & Millichap Capital Corporation (MMCC) sourced 75% LTV financing from a local credit union. This was the buyer’s first self storage investment.
Stowaway Mini Storage is centrally located in Lacey, half a mile from the St. Martin’s University campus. The facility consists of two non-contiguous parcels, one at 927 Bowker Street SE, and one less than a five-minute walk away at 5235 Lacey Boulevard.
“Stowaway attracted multiple offers and generated a competitive bidding process,” says Secreto. “The buyers are new to the industry and are excited to invest in more self storage.”The Facility serves the city of Lacey and Thurston County as a convenient self storage facility with a wide variety of unit sizes.
About Marcus & Millichap (NYSE: MMI)
With nearly 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.