By Meghan Hall
Two self-storage entities have struck a deal for two commercial properties in the Puget Sound. The deals, which closed on December 11th, saw an entity affiliated with Yakima, Wash.-based Anchor Storage LLC sell 13733 Smokey Point Blvd. and 6121 172nd St. NE for $34.955 million. The buyer, according to public records, was an entity associated with Iron Guard Storage LLC.
The first property, 13733 Smokey Point, is in Marysville. The self-storage asset offers a mix of units ranging in size from five-foot by five-foot units to 15-foot by five-foot units. The property’s amenities include RV parking, an onsite manager and drive-up access.
The second property, at 6121 172nd St. NE Arlington, was originally built in 1992, according to a LoopNet listing. Built in 1992, it totals 1,914 square feet and is used for retail.
Tenants in all industries, particularly in e-commerce, continue to vye for both industrial and retail space. Regional vacancy for industrial product dropped from 6.8 percent to 5.2 percent during the third quarter, according to a report by Colliers International. 60 percent of space is pre-leased and new competition for new supply remains fierce.
Additionally, the market remains at “near-record” levels of absorption. 1.4 million square feet of space is to be delivered during the fourth quarter, of which 20 percent is pre-leased. Colliers expects the reprieve in the market to be temporary, at most.
Development has spread in particular to cities like Arlington and Marysville, and the Northend submarket now accounts for 18 percent of new industrial space under construction. Big box retailers and distribution firms look to markets like the Northend in search of both available and cost-effective spaces.