Home News Releases Marcus & Millichap Sells Self Storage Facility for $2.75MM

Marcus & Millichap Sells Self Storage Facility for $2.75MM

VANCOUVER, WA, September 18, 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 23,515 square-foot self-storage facility located in Vancouver, WA. According to Joel Deis, regional manager of the firm’s Seattle office, the asset sold over the initial list price for $2,750,000.

Christopher R. Secreto, an investment specialist in Marcus & Millichap’s Seattle office, represented the seller, a Washington limited liability company. The buyer, also secured and represented by Secreto, was a Pacific Northwest-based self storage investor.

Stor Rite Self Storage is a high-quality, well-maintained facility built in 2006 and sits on 0.85 acres. The property has a total of 209 self storage units made with all-metal construction. “Stor Rite was impeccably maintained and had been managed extremely well,” says Secreto. “We were able to attract significant interest and multiple offers within a couple of weeks.”

The facility is in Vancouver, Washington, a city located on the north bank of the Columbia River. Vancouver is the fourth-largest city in the state of Washington with a population of 170,400. It is located 165 Miles Southwest of Seattle and 9 miles north of Portland, Oregon. This sale is only one of seven Secreto has facilitated recently within a two-week period in which he closed a total of over $56 million in transactions.

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