A six-story Bellevue self-storage facility at 12399 Northup Way just changed hands in a blockbuster deal that industry trackers say is the largest of its kind ever recorded in Washington state. West Coast Self Storage Bellevue, which opened in 2016, was acquired last week by national investor Premier Storage Investors for roughly $50 million, underscoring how fierce the chase remains for institutional-grade storage on the Eastside where new supply is scarce.
As reported by CoStar, Premier Storage Investors paid more than $50 million, and the deal is being tallied as the state's largest self-storage sale on record. CoStar frames the transaction as part of a renewed wave of investor interest washing back into the self-storage sector.
King County records reviewed by the Seattle Daily Journal of Commerce show the property sold for just under $50.7 million and that the seller was Bellevue Storage LLC, which bought the land for about $2.2 million in 2014 and developed the site two years later. The DJC reporting effectively serves as a public-record paper trail for the price tag and ownership history.
Deal and property details
The six-story facility totals roughly 103,397 net rentable square feet and includes 988 units, according to the offering materials circulated during the sale process. The marketing package, handled by Cushman & Wakefield's self-storage advisory team, touts a mix of climate-controlled and drive-up units, in-place occupancy in the low 90s and a tight trade area with little new supply. Those details appear in the broker packet on the offering site, accessible on Revere.
Buyer and market context
Premier Storage Investors, founded in 2013, describes itself as a national developer and investor in self-storage with a multi-state portfolio, making the Bellevue acquisition squarely in line with the firm's stated growth playbook. Industry trade coverage points to steady single-asset and small-portfolio deals this year, highlighting how institutional buyers continue to favor stabilized storage cash flows while scouting for similar opportunities across the country.
Tax and policy note
The sale also lands in the shadow of ESSB 5794, legislation that makes rentals of individual self-service storage units subject to Washington's business-and-occupation tax beginning April 1, 2026. The bill summary and status are available from the Washington State Legislature's bill pages.
For Bellevue, the trade underscores the premium that investors are putting on core Eastside locations where barriers to new construction remain high and neighborhood demographics can support higher rental rates. The facility at 12399 Northup Way now slides into a national owner's portfolio as local job and housing growth continue to prop up storage demand.
