ARLINGTON, WA, November 30, 2017 – 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 a 52,600 square-foot self-storage facility located in Arlington, WA. According to Joel Deis, regional manager of the firm’s Seattle office, the asset sold for $8,450,000 representing $160 per square foot. The price per square foot set a record for Snohomish County.
Christopher Secreto, an investment specialist in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller who is cashing out and retiring. The buyer, a local investment group expanding their portfolio, was also secured and represented by Secreto. The group obtained full leverage plus re-positioning and re-branding capital.
Bulldog Storage, (the “Property”) was built in 1999 and sits on 4.14 acres. “This is a fast-growing submarket and the facility is historically full,” says Secreto. With 424 units, there is a mix of both heated and standard options. The facility is equipped with 24-hour surveillance, a modern security system and individual unit alarms.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 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 8,700 transactions in 2015 with a value of approximately $37.8 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