ABERDEEN, WA, February 27, 2018 – 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 44,689 square-foot self-storage facility located in Aberdeen, WA. According to Joel Deis, regional manager of the firm’s Seattle office, the facility sold for $2,200,000, representing $49.23 per rentable square foot.
Christopher R. Secreto, an investment specialist in Marcus & Millichap’s Seattle office, represented the seller which is a national self storage operator. The California-based buyer was also represented by Secreto and added to an existing self storage portfolio in Washington.
Aberdeen Mini Storage was built in three phases beginning in 1976 and expanded in 1978 and 1989. The property sits on 1.80 acres and has a total of 327 self storage units. “Aberdeen Mini Storage no longer fit the investment criteria of the seller,” says Secreto. “It provided the buyer with an opportunity to re-position and add value to the facility which was too small and remote for such a large, national operator. The transaction just closed, but the buyer has already embarked on an improvement program for the facility. They are excited to own it.”
The facility is located in Aberdeen, Washington, a historic city located in Grays Harbor County near the Pacific Coast of Washington. The city is currently the economic center of the county.
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