Eric Bush of locally based Bush Development built the 130,000-sf center in 1999. The first phase had 90,000 sf and the second, 40,000-sf phase was added last June.
"The previous record for a property of its kind was Twenty Mile Self Storage in Parker, which sold in 2003 for $65 per sf," says broker Neil Simpson of Western States Brokerage. Simpson and Charles LeClaire, a senior director of Marcus & Millichap's national self-storage group, represented Bush in the sale.
"The facility has excellent exposure, is multi-storied and offers climate-controlled unit with state-of-the-art security," says Bush, explaining why the facility commanded such a high price.
In addition to its location, amenities and quality, the facility benefited from low interest rates, he notes.
"If you're not a seller now, you never will be," Bush says. "As soon as short-term rates rise, cap rates will follow and the window will be closed."
Last year, Bush sold two retail centers in the metro area for more than $300 per sf, among the highest prices ever for those type of properties.
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