By Jack Stubbs
Draper, UT-based Wasatch Storage Partners, a national investment, development and management firm focusing on self-storage facilities, recently sold a four-building self-storage facility in Federal Way, King County records show.
On February 13th, a four-building self-storage facility sold for $21.7 million, or around $171 per square foot, to LV 8250 LLC, an entity based in Buffalo, NY.
The subject property, located at 33600 and 33620 21st Ave. SW, consists of four mini-warehouses that combined total approximately 126,800 square feet, according to public documents. The largest of the two-story structures—Self Storage Building Four—totals 34,400 square feet, while the other three total 30,000 square feet, 31,000 square feet and 31,400 square feet, respectively.
The four-building property, built in 2019, comprises just under 3.5 acres. The property is roughly four miles southwest of downtown Federal Way, which is proximate to various amenities including the Federal Way Transit Center Park & Ride, the Gateway Center and The Commons at Federal Way. The facility is also roughly nine miles north of downtown Tacoma via State Route 509.
Wasatch Storage Partners’ portfolio includes properties in New York, California and Colorado, among other locations, according to the company’s web site.
In mid-January, an 82,200 square foot self-storage property in Renton sold for $21.4 million, or around $260 per square foot, with 5890 S 129th LLC acquiring the property from William Warren Group, a Santa Monica, CA-based firm that manages, acquires and develops self-storage facilities nationwide.
A number of self-storage facilities throughout the Pacific Northwest have sold since mid-2019, according to The Registry’s reporting. Ladera Ranch, CA-based SmartStop Asset Management recently spent $16.3 million, or just under $200 per square foot, to acquire a 81,800 square foot facility located in Mill Creek from Scottsdale, AZ-based Hemstreet Development Corp.