InSite Property Group Buys 1st Washington Facility
- Sep 27, 2021
InSite Property Group has acquired A Storage Center, a 66,773-square-foot self storage property in Tacoma, Wash. The seller is a private investor who owned the facility since its completion in 1998. SecureSpace Self Storage, an InSite owned firm, will be the new property manager.
The asset will be rebranded into SecureSpace Parkland Tacoma and will undergo security features upgrades as well as exterior renovations.
The property encompasses seven two-story buildings across 2.3 acres at 220 112th St. Storage spaces range from 25 to 300 square feet and include climate-controlled units as well as RV and boat parking. The facility offers drive-up access to larger units.
Located in the Parkland neighborhood, 9 miles from downtown Tacoma, the SecureSpace property is in a dense residential area. There are 19 other self storage facilities within a 3-mile radius, which translates into a penetration rate of 10.48 square feet per capita—well above metro Seattle’s average of 7 square feet per capita.
In March, InSite Property landed a $140 million loan from ACORE Capital for the development of its self storage portfolio. JLL arranged the financing, which included a $215 million expansion option.