A self-storage facility in northwest Washington has traded to an institutional owner, underscoring continued investor interest in the sector despite local supply headwinds. Pak-A-Nut Storage, a 58,410-square-foot property in Bellingham, was acquired by an institutional self-storage owner in an $8 million transaction.
The facility is located at 840 Marine Drive in Bellingham, approximately 20 miles south of the Canadian border. Built in 2006, the property occupies a 5.88-acre site, giving it a relatively large land footprint for the area. The asset includes more than two acres of additional land that the new ownership views as potential future expansion space, subject to market conditions and other factors not detailed in the announcement.
The buyer, described as a Phoenix-based institutional self-storage owner, completed its first acquisition in Washington with this purchase. Public Storage has been engaged as third-party manager for the facility and will oversee day-to-day operations on behalf of the new ownership. The buyer plans to focus on stabilizing occupancy at the property, with the potential to leverage the extra land for expansion at a later stage.
The seller is a local private owner who originally built the facility in 2006 and self-managed it for roughly 20 years. The sale marks a transition from long-term local ownership to institutional control, with operational responsibilities shifting to a national self-storage platform.
Marcus & Millichap brokered the transaction. Chris Secreto, senior managing director investments with the firm, represented the seller and also procured the Phoenix-based buyer. He noted that, although the greater Bellingham self-storage market is somewhat oversupplied, the property offers the new owner meaningful room to increase occupancy and potentially expand the facility over time.
The combination of existing improvements, a sizable land position, and professional third-party management positions the asset as a value-enhancement play within an otherwise competitive self-storage landscape in the Bellingham area.
