SeaTac, Wash. (June 20, 2019) – 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 International Boulevard Self Storage, a 45,273-square foot self-storage facility located in SeaTac, Washington. According to Joel Deis, Regional Manager of the firm’s Seattle office and the National Director of the National Self-Storage Group, the facility closed at full list price. It sold at $6,500,000, representing approximately $143 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 out-of-state seller. The buyer was a local investment group and was also secured by Secreto.
International Boulevard Self Storage is located at 19825 International Boulevard, SeaTac, Washington. The facility is centrally located in SeaTac just one mile south of the SeaTac International Airport. It sits on one parcel of land totaling 2.12 acres and features 453 self storage units. The Facility was built in 1974 and presented a unique development / redevelopment opportunity.
“International Boulevard Self Storage attracted multiple offers and generated a highly-competitive bidding process,” says Secreto. “Much of the area is gentrifying and buyers were attracted to the Facility’s proximity to the airport and the redevelopment potential.”
The Facility serves the city of SeaTac and King County as a convenient self storage facility with a wide variety of unit sizes.About Marcus & Millichap
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 2018 with a value of approximately $46.3 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