Richland, WA, October 2, 2017– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Stor-House Self Storage, a 308-unit self-storage facility in Richland, WA. The property sold for $5.65 million, representing $113 per square foot.
“The property is in highly-desirable area of west Richland, near major retail corridor and higher-end housing,” says Christopher Secreto, first vice president investments in Marcus & Millichap’s Seattle office. “The location drives traffic to the highly-visible facility, which contributed to this asset’s investment value.”
Secreto represented the seller and procured the buyer who are both western Washington-based. The seller also completed a reverse 1031 exchange. Built in 2004, the facility sits on 3.69 acres and 49,795 rentable square feet. The facility is well-maintained and fully stabilized. This sale is one of eight transactions valued at more than $61 million that Secreto facilitated within a recent three-week period.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 nearly 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company 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. To learn more, please visit: www.MarcusMillichap.com