Seattle & Northwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Marcus & Millichap Arranges Sale of $19M Self-Storage
Marcus & Millichap completed the sale of 12th Street Storage, a 91,546-square-foot self-storage facility located in Tacoma, Washington. The asset sold for $19 million.
Cristopher R. Secreto, an investment specialist in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a fund manager, was secured by Secreto, as well.
12th Street Storage is located at 1018 S Highland Ave in Tacoma, WA. The Facility, which was developed in 2020/21 by a local investment group, was acquired by an international real estate firm based in London and Los Angeles.
“12th Street Storage is a Class A facility in attractive area of Tacoma, WA. It garnered interest from multiple institutional investors from around the U.S. Temporary oversupply of storage in the area, caused primarily by the slowdown in residential real estate sales, hampered initial lease-up of the Facility. Despite these temporary challenges, investors were drawn to the Facility”, said Secreto.
