Federal Way Self-Storage Facility Draws Investor Attention with $10.6M Trade

A recent sale of a self-storage facility in Federal Way reflects the ongoing interest of investors in the region’s industrial market. An affiliate of Merit Hill Capital has purchased the property for $10.6 million, as reported by King County property records. The entity offloading the property was an affiliate of The William Warren Group.

Located at 29817 Pacific Highway S, the facility spans 83,115 square feet across three stories, housing 598 units. This property operates under the brand StorQuest.

Merit Hill Capital is a self-storage investment company with diverse holdings across the United States. The firm employs third-party property managers, including some of the country's most prominent self-storage real estate investment trusts, to oversee daily operations. The company's website states that Merit Hill owns 333 properties totaling 144,000 units and 20 million square feet across 35 states.

The William Warren Group, the previous owner, is a privately held self-storage development, acquisition, property, and asset management company based in Santa Monica. Established in 1994, the firm has made many ventures into major metro markets countrywide. It acquires new properties under its self-storage acquisition and property management entity, William Warren Properties, with an employee count of over 400 at a national level.

This transaction is not an anomaly in the Puget Sound region, which has witnessed several self-storage facility sales in the past year. For instance, a significant transaction occurred in Seattle's Greenwood district last year when a property was traded for $30 million, as reported by The Registry. This property was purchased by an entity affiliated with InSite Property Group from an affiliate of Thomas Nickerson, a managing member of Nickerson Properties LLC.

This report was initially posted by Kate Snyder at SelfStorage.com, providing industry-specific news and insights.

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Growth in self-storage investments: A look into Merit Hill Capital's latest $10.6M acquisition of a self-storage facility. We are examining the current industrial market trends in the Puget Sound region.

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