By Jack Stubbs
Following up on its early August acquisition of the 147-unit Voda Apartments in downtown Kirkland for $89.5 million, Vancouver, Canada-based real estate investment and management company Low Tide Properties and Bellevue-based Continental Properties bought another asset—this time a warehouse/storage property in downtown Seattle—where a 14-story mixed-use development is planned.
On Friday, November 9th, Low Tide Properties and Continental Properties purchased a self storage building for $12.25 million, or roughly $398 per square foot, according to King County records. The seller was Downtown Mini Warehouse LLC, an entity affiliated with Seattle-based Urban Self Storage Inc., which is a national owner and operator of self storage facilities.
Low Tide Properties did not respond to calls for comment about the recent transaction or its plans for the recently-acquired property in time for the publishing of this story.
According to an Early Design Guidance proposal submitted in February 2016, the site is the same location where Ariel Development has proposed the construction of a mixed-use project that would include 104 hotel rooms and 44 residential units. According to the development objectives outlined in the submitted plans, the project—designed by Third Place Design Co-operative—would utilize the existing 1920s facade of the current building and adding eight floors on top of the existing 6-story structure. The ground-floor would be designed to accommodate restaurant space, a hotel lobby and bar and a coffee shop along the street frontage.
The sale was for the Belltown self storage facility located at 1915 Third Ave. According to public documents, the 6-story building, which was constructed in 1928, totals 30,742 square feet. The property, which sits on .15 acres, is currently home to Belltown Self Storage, which is one of several Storage Court self storage facilities throughout the state of Washington and offers various storage unit sizes.
The web site for the property emphasizes the facility’s prominent location in downtown Seattle, “in the heart of a mix of businesses, colleges, restaurants, housing and Seattle sites.” The property is within walking distance from the Waterfront Park, the Amazon Spheres, Seattle Center and Pike Place Market.
Originally founded in1987, Urban Self Storage Inc. has grown to over sixty facilities throughout Washington, Oregon, New Mexico and Arizona, according to the company’s web site. Urban Self Storage emphasizes customer service and the provision of state-of-the-art security in its facilities.
Founded in 2011, Low Tide acquires and holds office, industrial, multifamily rental and retail properties for the long term, according to the company’s web site, and looks to invest in emerging neighborhoods around Vancouver such as False Creek Flats, Gastown, Grandview Boundary and Mount Pleasant.