MONROE, Wash., March 22, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Evergreen Mini Storage, a 927-unit self-storage facility in Monroe, Washington. The sales price is $15.2 million.
“The property has a highly visible location in an area with strict barriers to entry for new self storage competition,” says Christopher Secreto, a first vice president investments in Marcus & Millichap’s Seattle office. “The site is nearly 7 acres which is rare for a highway frontage location. The combination of visibility, highway frontage and the facility’s size definitely contributes to this asset’s investment value. We believe this is the largest self storage transaction the County’s history.”
Secreto and Jacob Becher, a senior associate in the firm’s Palo Alto office, represented the sellers, who originally developed the facility, and also procured the buyer, a local investment group who is expanding their self storage portfolio.
Built in in 1985 and expanded between 1987 and 1993, the facility is located on 6.6 acres at 17600 147th St. SE in Monroe.
Evergreen Mini Storage features 122,000 net rentable square feet of self storage space, two apartments, 36 private mailboxes, and parking spaces for recreational vehicles.
About Marcus & Millichap
With over 1,700 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 nearly 9,000 transactions in 2016 with a value of approximately $42.3 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