Home Commercial Public Storage Acquires Self Storage Building for $20.7MM

Public Storage Acquires Self Storage Building for $20.7MM

By Catherine Sweeney

Public Storage will be opening a new facility after purchasing a self storage building in Shoreline, Wash. The building, which was sold to Public Storage Real Investment Trust for $20.7 million, previously belonged to Baranof Holdings, a self storage provider based in Dallas, Texas. 

The property, at 19237 Aurora Avenue, was the former home of a 77,420 square foot self-storage building, which sits on 41,711 square feet of land, according to King County public records. 

According to Public Storage’s website, the property will offer public storage units ranging from 4 feet by 4 feet to 10 feet by 30 feet. Though, no plans for redevelopment at the property have been announced. 

However, this is not the only Public Storage facility in the Shoreline area. The new facility is just down the street from an already existing facility, at 14900 Aurora Avenue North. The facility sits on 203,014 square feet of land, and offers slightly larger storage units than its recently purchased counterpart. 

Other nearby properties include one at 20041 Ballinger Way, and another one at 23010 Highway 99 in Edmonds, Wash. 

With the COVID-19 pandemic causing people to ditch office spaces and lean on self-storage providers, Public Storage is not the only company making moves in the greater Seattle market. 

Another self-storage company taking advantage of these factors amid the COVID-19 pandemic is New York-based Life Storage. In March, the company also acquired two Covington properties for $39.9 million. Prior to acquiring the properties, the company already owned four additional self-storage assets in the greater Puget Sound market. 

According to a recent report from STORAGECafe, the self storage industry has been on the rise in the Greater Seattle market since the beginning of the pandemic due to work-from-home practices and e-commerce strategies. 

Since 2017, deliveries in the Seattle-Tacoma-Bellevue market have doubled yearly. In 2019 alone, 1.36 million square feet of self-storage space was added to the market, and STORAGECafe predicts the upward trend will continue throughout 2021.