Iron Guard Storage – Value-Add Self-Storage Opportunity
Iron Guard Storage
The Iron Guard Storage Portfolio is comprised of two established facilities totaling 172,354 NRSF spread over 1,392 storage units and 4 commercial buildings, plus 93,080 SF of uncovered parking. Each facility includes an on-site office and manager’s apartment. The property offers 155,654 NRSF of drive-up access storage space of which 15,240 SF (9.8% – 280 units) is climate controlled and 24,624 SF (15.8% – 54 units) is covered parking. The commercial space totals 16,700 NRSF and is 100% occupied by five long-term tenants.
Built in 1990, the Arlington store is currently 76% occupied while Marysville, built in 1999, is 75% leased (includes the commercial space in the % leased). Both Properties are self-managed by a local operator, creating an opportunity to increase occupancy and drive revenue growth through institutional pricing, marketing, and lead-conversion strategies.
The Arlington location fronts State Route 531 the primary east-west corridor in Arlington, connecting residents to the east with the rapidly growing retail hub centered around the I-5 – SR 531 interchange. The Marysville facility is located along Smokey Point Boulevard, a high traffic commercial corridor connecting the significant residential subdivisions located on the east side of I-5. Together, the two locations cover a large portion of the fast-growing Smokey Point market providing an excellent footprint from which to expand a Pacific Northwest self-storage portfolio.
The North Snohomish County statistical area, which includes Arlington, Marysville, Lake Stevens and Snohomish, has a population of approximately 160,000 and sits 45 minutes north of Seattle along the I-5 corridor. The area benefits from its proximity to the Port of Everett, the 3rd largest in the state, as well as it’s proximity to Seattle and the Canadian border. Both facilities fall within the 4,000 acre Cascade Industrial Center (CIC) Overlay, a master planned manufacturing and logistics hub which will support 20,000 family-wage jobs at full build-out. The current tenant base includes Amazon, Tesla and Pepsi Co.
The Iron Guard Storage portfolio provides an exceptional opportunity to acquire two established, all ground level stores with significant upside, through lease up of vacant units, rent growth on existing customers, and operating efficiencies, allowing for attractive value-add returns.