ELLENSBURG, WA, July 18, 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 an 18,108 square-foot self-storage facility located in Ellensburg, WA. According to Joel Deis, regional manager of the firm’s Seattle office, the facility sold for $1,700,000, representing $94 per rentable square foot.
Christopher R. Secreto and Timothy Wardell, investment specialists in Marcus & Millichap’s Seattle office, represented the seller, a local self storage operator and developer. Secreto and Wardell also represented the buyer, a local operator who added to their existing self storage portfolio in Washington and was in the 1031 exchange.
Rodeo City Self Storage is a well-maintained facility built in 2004 that has a total of 189 self storage units. The site consists of one tax parcel totaling approximately 1.24 acres and is fully paved with asphalt.
“Even though it was a smaller facility, it generated strong buyer interest and multiple offers quickly,” says Secreto. “The facility was 100% occupied at closing and is fairly easy to manage.”
The facility is located near the heart of Ellensburg, the county seat of Kittitas County, Washington. Ellensburg lies just east of the Cascade Range on Interstate 90 and is known as the most centrally located city in the state.
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