PORT ANGELES, WA, January 15, 2019 – Marcus & Millichap 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 Airport Road Self Storage, a 44,770-square foot self-storage facility located in Port Angeles, WA. According to Joel Andrew Deis, regional manager of the firm’s Seattle office and the national director of the National Self-Storage Group, the facility closed at $4,250,000, representing $95 per rentable square foot.
Christopher R. Secreto, senior vice president investments at the firm’s Seattle office and a senior director of the National Self-Storage Group, had the exclusive listing to market the property on behalf of the seller, a local limited liability company. The buyer was a California-based investment group and was also secured by Secreto.
Airport Road Self Storage is located at 4114 South Airport Road, Port Angeles, WA 98683. It sits just off Highway 101 along South Airport Road, within minutes of the center of Port Angeles. The facility is well-maintained and includes 293 self storage units. It sits on three parcels totaling approximately 16.5 acres, and the sale included over eight acres of adjacent land for expansion or development. The Facility was built in three phases in 1985, 2005 and 2011. There are 12 single-story self storage buildings featuring six different standard storage unit sizes that all have ground floor drive-up access.
“Located in a tourism and recreational community, Airport Road Self Storage consistently maintained high rates of occupancy.” says Secreto. “This and the additional land included in the sale attracted qualified buyers and multiple offers quickly.” The Facility serves Port Angeles and neighboring Carlsborg and Sequim.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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