Washington Self-Storage Facility Sells for $8M

Pak-A-Nut Storage, a 58,410 sf self-storage facility in northwest Washington, was purchased by an institutional self-storage owner in an $8M transaction.

The property is located at 840 Marine Drive in Bellingham, about 20 miles south of the Canadian border. Built in 2006, the facility sits on 5.88 acres.

Public Storage will serve as third-party manager for the new ownership, which plans to stabilize occupancy at the property. The site also includes more than two acres of land with potential for future expansion.

Chris Secreto, senior managing director investments at Marcus & Millichap, represented the seller, a local private owner who built and self-managed the facility for 20 years. Secreto also procured the Phoenix-based buyer, which completed its first acquisition in Washington with this deal.

“Despite a somewhat-oversupplied self-storage market in the greater Bellingham area, the property provides the buyer with significant opportunity to increase occupancy and potentially expand the facility,” noted Secreto.