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West Coast Self-Storage Acquires Island Security Storage in Vashon, WA

Posted: 6/12/2018 Link: InsideSelfStorage.com
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West Coast Self-Storage Group (WCSSG), which operates 51 facilities in California, Oregon and Washington, has purchased Island Security Self Storage in Vashon, Wash., for $9 million. The 3.94-acre property at 10015 S.W. 178th St. was purchased under WCSS Vashon Island 516 LLC, according to the source. The seller was George Hill of Point Robinson Properties LLC.

Built in two phases in 2004 and 2007, the facility contains nine single-story buildings, plus a two-story office and manager residence. It offers nearly 500 interior and drive-up units, some of which are climate-controlled and have radiant floor heating. It also includes vehicle-parking spaces, and a retail office that sells moving and packing supplies. WCSSG will add U-Haul truck rentals to the facility’s offerings, the source reported. “Island Security Self Storage is a great storage facility with the best amenities on the island. We’re excited to add to its products and services with our knowledge of the storage industry to best serve the Vashon community,” said WCSSG District Manager Tom Davies. The seller was represented in the transaction by Christopher R. Secreto, an investment specialist with Marcus & Millichap, a commercial-property investment firm. WCSSG is an acquisition, development and property-management company headquartered in Everett, Wash. Its portfolio of managed and owned properties includes 37 sites in Washington, eight in Oregon and six in California.

William Shadbolt, a local real estate investor and president of the Rental Housing Association of Washington weighed in about the sale, noting that currently Vashon has just over 4 square feet of self storage space per resident compared to Seattle’s 7.7 square feet per resident, an indication of why this was an attractive purchase for the new owners.

West Coast Self-Storage Group is a self storage property management, acquisition and development company with its headquarters in Everett. The company currently manages or owns 53 stores in Washington, Oregon and California.

Former owner Hill did not respond to a phone call seeking comment about the sale or his future plans.

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