Strategic Storage Trust IV Buys Seattle-Area Facility
The REIT expanded its footprint with a 350-unit storage asset in Redmond, Wash. The six-building property changed hands for $11.5 million.
Guardwell Self Storage
Strategic Storage Trust IV has purchased Guardwell Self Storage, a 48,000-net-rentable-square-foot Class A facility in Redmond, Wash. Calder Investments sold the property for $11.5 million, according to King County public records.
Situated at 23316 N.E. Redmond Fall City Road, the facility is approximately 5 miles from downtown Redmond, Wash., around 13 miles from downtown Bellevue, Wash., and 20 miles from Seattle city center. Additionally, the storage asset is situated near residential areas, with more than 15,800 rental units completed or under construction within a 5-mile radius, per Yardi Matrix data.
Constructed in 1997, the six-building facility sits on 4.5 acres and comprises a total of 350 units, ranging from 25 to 300 square feet. The storage asset features gated entry, drive-up access, climate control and video surveillance. Additional services provided include on-site management and truck rentals.
Roughly one year ago, Strategic Storage Trust IV expanded its portfolio with the acquisition of a 600-unit facility in North Las Vegas. StorageOne sold the property, which was 92 percent leased at the time of the sale.
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