SecureSpace Self Storage Acquires Property in Seattle Metro
This suburban asset is the company’s eighth in the market.
Image by Emerson Kovacevic via Unsplash
SecureSpace Self Storage has expanded its Pacific Northwest holdings with the acquisition of Northlynn Mini-Storage, a 57,700-square-foot facility in Lynnwood, Wash.
The Seattle-area property, located at 15620 Highway 99, will be rebranded as SecureSpace Self Storage Lynnwood. It is the eighth SecureSpace store in the Seattle MSA and is strategically located between SecureSpace Everett to the north and SecureSpace Lake City to the south, Nathan McElmurry, SecureSpace’s managing director, said in a prepared statement.
The site offers a mix of drive-up and interior units, all of which are located on the ground floor. The property also includes two dozen rentable parking spaces. The company plans to renovate the facility in an attempt to draw new business. There are approximately 134,000 people living within 3 miles of the store. SecureSpace will also upgrade the leasing office and install its high-security platform, which features AI-enabled cameras and sensors. The property will offer free high-speed Wi-Fi access, online leasing options and contactless move-in and unit access.
McElmurry noted that the immediate area is growing, citing a robust multifamily pipeline and the Lynnwood Link Extension of Seattle’s light rail, which will serve an estimated 50,000 new riders when it opens next summer. Approximately 30,000 vehicles pass the facility’s location daily, SecureSpace said in a statement.
Recent growth throughout the U.S.
California-based SecureSpace Self Storage operates in more than 50 markets across the U.S., with assets located primarily in high-density urban areas. Last week, SecureSpace opened a newly built three-story, 124,830-square-foot facility on a nearly 3-acre site in Langhorne, Pa. The property’s climate-controlled units range from 25 to 300 square feet. The facility is located at 300 Woodbourne Road, about 25 miles from downtown Philadelphia, and has access to Interstate 295.
In May, SecureSpace acquired a 155,538-square-foot property in Elmsford, N.Y., a New York City suburb, from The Ardent Cos., which recently developed the six-story asset. Located on a 1.5-acre site at 33 W. Main St., the property’s climate-controlled units range in size from 25 to 280 square feet. The building is close to the westbound entrance and eastbound exit of the Cross Westchester Expressway, also known as I-287. That property is situated within the White Plains market and is about 11 miles from Yonkers, N.Y., and 30 miles from New York City.
SecureSpace has been adding properties to its portfolio backed by a value-add North American self storage real estate fund from GLP Capital Partners Inc., that closed in November at $1.5 billion, the largest self storage fund raised at that time. Operating as GCP US, the firm is a registered investment advisor and part of GLP Capital Partners Ltd., a global alternative asset manager with $115 billion in assets under management. GCP US’s self storage platform is GCP Storage Advisors, which operates its assets under the SecureSpace brand.
