Cushman & Wakefield announced on May 20 that it represented Commune Capital in the $50.7 million sale of a self-storage property at 12399 Northup Way in Bellevue, Washington, to Premier Storage Investors.
The transaction is significant due to strong investor demand for high-quality self-storage facilities and the prominence of the Bellevue market within the Seattle metropolitan area.
Mike Mele, Luke Elliott, Jim Lewis, and Steffan Brown from Cushman & Wakefield led the representation for Commune Capital. Jim Lewis said, “This transaction underscores the institutional quality of the asset and the continued strength of investor demand for best-in-class self-storage facilities. The Bellevue market, in particular, stands out as one of the most dynamic areas in the country, driven by strong population growth, high barriers to entry and exceptional underlying demographics. Investors continue to target the Seattle region for its long-term stability and outsized growth potential.”
Steffan Brown added, “A local perspective and expertise was paramount to this property’s offering and building exposure for a national audience. That effort, and the asset’s underlying quality and unbeatable Bellevue location, drove tremendous interest from a pool of potential investors from across the country.”
The facility spans 103,397 square feet with 988 units on about 1.22 acres. Built in 2016 with climate-controlled and drive-up units, it is currently at 93% occupancy. The site is located in Bellevue’s Bel-Red corridor with over 131,000 residents within three miles and average household incomes above $218,000.
Mike Mele said,“The self-storage sector has demonstrated resilience and consistent performance amid shifting economic conditions, resulting in growing investor confidence. Going forward, we’ll continue to see that momentum accelerate as supply moderates and fundamentals improve in markets across the country.”
