Baranof Holdings LLC, a Dallas-based self-storage developer, has purchased land in the North Seattle suburb of Shoreline, Wash., on which it plans to build a 77,000-square-foot, climate-controlled storage facility. The 41,000-square-foot lot on Aurora Ave. North is already entitled and approved for self-storage, according to a press release. The purchase was made in a joint venture with an institutional equity partner.
The seller was Lake Union Partners, a Seattle-based private development firm. The company was represented in the transaction by Jim Lewis, associate director, and Greg Wells, senior director, for Cushman & Wakefield’s Self Storage Practice Group, which is dedicated to self-storage real estate.
“The self-storage market continues to see strong demand from all capital sources,” Wells said. “This transaction is an example of the continued appetite for well-located development opportunities in high-end, high-barrier-to-entry markets.”
Baranof develops, builds and acquires self-storage properties nationwide. It operates 11 facilities in California, North Carolina, Oregon, Texas and Washington, and has another under development in Inglewood, Calif. The company is sponsored by Value Acquisition Fund, a Memphis, Tenn.-based firm focused on commercial real estate assets in the South and Southwest.
