Evergreen Mini Storage, a 927-unit self storage facility in Monroe, sold for $15.2 million, real estate investment company Marcus &Millichap announced Thursday.
The transaction is believed to be the largest self storage property sale ever in Snohomish County, according to Marcus &Millichap. The property is in a highly visible area with strict barriers for new self storage competition, said Christopher Secreto, first vice president investments in Marcus &Millichap’s Seattle office.
“The property has a highly visible location in an area with strict barriers to entry for new self storage competition,” Secreto said.
“The site is nearly 7 acres, which is rare for a highway frontage location.”
The combination of visibility, frontage and size definitely contributes to this asset’s investment value and helped make the transaction a record-breaker.”
Secreto and Jacob Becher, a senior associate in the firm’s Palo Alto office, represented the sellers, who developed the facility, and procured the buyer, a local investment group that is growing its self storage portfolio.
Built in in 1985 and expanded between 1987 and 1993, the facility is located on 6.6 acres at 17600 147th St. SE in Monroe, which is approximately 30 miles from Seattle.
Evergreen Mini Storage features 122,000 net rentable square feet of self storage space, two apartments, 36 private mailboxes, and parking spaces for recreational vehicles.