Premier Storage Spends $51M on Seattle Facility

Premier Storage Investors has purchased West Coast Self Storage, a 103,397-square-foot, Class A facility in Bellevue, Wash., for $50.7 million. Cushman & Wakefield represented the seller, Commune Capital.

Located at 12399 Northup Way, the property is just off Washington State Route 520 and has access to Interstate 405. Downtown Bellevue is some 3 miles southwest.

There are nine self storage facilities within a 3-mile radius, according to Yardi Matrix information, offering residents 7.2 net rentable square feet per capita.

Completed 10 years ago, the four-story West Coast Self Storage features 988 climate-controlled and drive-up units, ranging from 25 to 400 square feet. Amenities include gated access, video surveillance and wine storage. Services comprise on-site management, contactless renting and truck rentals. The property was 93 percent leased at the time of the transaction.

The Cushman & Wakefield team included Executive Vice Chairman Mike Mele, Vice Chairman Luke Elliott, Senior Director Jim Lewis and Senior Associate Steffan Brown.

As of March, the national average advertised rates per square foot for the 10×10 non-climate and climate-controlled units combined rose 0.1 percent on a month-over-month basis, according to the latest Yardi Matrix report. The increase reflects current self storage market trends and remains below typical seasonal gains. Advertised rates also saw a monthly uptick in 13 of the top 30 markets, including Seattle.