Home Commercial SecureSpace Buys 92,244 SQFT Self-Storage Facility in Federal Way for $21.5MM

SecureSpace Buys 92,244 SQFT Self-Storage Facility in Federal Way for $21.5MM

SecureSpace, Storage Star, Federal Way

(EDITOR’S NOTE: According to King County public records, SecureSpace purchased the asset for $21.5 million, or about $92,244 per unit.)

SEATTLE — Adding to its presence in the state of Washington, SecureSpace is pleased to announce the acquisition of Storage Star in Federal Way, Washington.

The company’s Head of Self Storage Acquisitions, Nathan McElmurry, notes, “This Seattle-area store represented a rare opportunity to acquire a traditional storage asset on a large parcel in a heavily populated market. The attention paid by the previous owner to the physical condition is reflected in the property’s excellent curb appeal and usability. We are grateful to the entire Storage Star team for a seamless and friendly sale process.”

Located at 34202 16th Avenue South, the 92,244-square-foot property consists of eight single-story buildings containing drive-up and interior units, as well as a handful of rentable parking spots. It is located directly on a primary retail corridor, just off the intersection with Pacific Highway, and one-third of a mile from Interstate 5. The facility serves a dense population of 101,000 residents within three miles. A planned conversion of the entire property to climate-controlled will enhance rental rates and decrease seasonality.

The facility will be rebranded as SecureSpace Federal Way and the leasing office will be upgraded to SecureSpace’s signature contemporary style. As with all SecureSpace properties, free WiFi will be provided throughout and a contactless rental process will be implemented immediately.

SecureSpace Federal Way is open for business and customers can reserve their own secure space by calling (877) 399-0319.

About SecureSpace Self Storage

Based in Torrance, California, the SecureSpace team is dedicated to providing you with a hassle-free self storage experience. All of our facilities provide the latest amenities for securing your belongings. 

About InSite Property Group

Based in Torrance, California, InSite Property Group is the parent corporation of SecureSpace Self Storage. As a vertically integrated self storage developer, operator, and manager, InSite Property Group currently has 50 stores operating and under construction.