By Jack Stubbs
William Warren Group, a Santa Monica, CA-based firm that manages, acquires and develops self-storage properties nationwide, last December sold an 82,200 square foot property—located just of Renton—for $21.4 million, or around $260 per square foot. According to King County documents, the transaction, which only just recorded, closed on December 10th. The buyer of the property was 5890 S 129th LLC, an entity also based in Santa Monica.
The three-story property, called StorQuest Self Storage and located at 5890 S 129th St., was built in 2019 and totals 82,200 square feet, according to public documents. According to its web site, the facility offers state-of-the-art security, climate-controlled units, seven-day-a-week access, and month-to-month rental options.
The location of the property, which sits just west of Renton and north of Tukwila, is one of its primary features. “At StorQuest Seattle, Washington, we’re here to help you get organized and live a life filled with adventure,” the web site states. “With a convenient location off I-5 near Allentown and a facility packed with helpful features, you’ll have time to conquer your to-do list and still squeeze in a bike ride at Seward Park.”
A number of self-storage facilities throughout the Pacific Northwest have sold over the last couple of quarters since mid-2019, according to The Registry’s reporting. Most recently, SmartStop Asset Management based in Ladera Ranch, CA, spent $16.3 million, or just under $200 per square foot, to acquire a 81,800 square foot facility—located in Mill Creek at 16618 Bothell-Everett Hwy—from Scottsdale, AZ-based Hemstreet Development Corp.
William Warren Properties (WWP) is a real estate investment firm that specializes in the acquisition of high-quality self-storage properties with the potential for economic growth and capital appreciation, according to the company’s web site. Some of the company’s other assets in the Puget Sound region include self-storage facilities in Federal Way and Redmond.