The site totals 41,000 square feet of land and is approved to build approximately 77,000 rentable square feet of Class A, institutional quality, heated space. The site is located on Aurora Ave North and offers tremendous visibility and accessibility in a dynamic, growing trade area.
The buyer was Baranof Holdings, LLC in a joint venture with an institutional equity partner. Greg Wells and Jim Lewis with Cushman & Wakefield’s Self Storage Practice Group handled the transaction on behalf of the seller, Lake Union Partners, a private development firm based in Seattle.
“The self storage market continues to see strong demand from all capital sources,” said Wells, Senior Director. “This transaction is an example of the continued appetite for well-located development opportunities in high-end, high barrier to entry markets,” added Wells.
“The Pacific Northwest remains a top target market for self storage developers as well as investors,” said Lewis.
The Cushman & Wakefield Self Storage Practice Group is a full service real estate platform dedicated to the self storage asset class. The group offers investment advisory, valuation, consulting, feasibility and data services in all major markets in the U.S.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.