Storage facility on one of Tacoma’s toughest streets sells for millions to New York firm
A self-storage business on South Hosmer Street in Tacoma has sold to a New York entity specializing in storage-site ownership and investment nationwide.
Merit Hill Capital of Brooklyn purchased the storage facility at 8233 S. Hosmer St. in early June for $7.12 million, according to county records. The seller was Hosmer Self Storage LLC, representing regional owners.
On its website, Merit HIll Capital describes itself as a real-estate investment firm “focused on acquiring, owning and managing self-storage facilities across the U.S.”
A Colliers’ real-estate team consisting of Jacob Becher, Nate Fliflet, Dana Chobor and Tom de Jong, represented the seller in negotiations with the buyer.
Colliers announced the sale in a release this week.
Colliers said the site “consists of 454 storage units that range from 25 to 300+ square feet. It features wide-drive aisles to accommodate large moving trucks, convenient freeway access, drive-up storage units and options for indoor vehicle storage.”
Colliers noted, “The site also comes well equipped with excellent security measures, including an on-site manager and electronic gate access.”
The site is near the intersection of South 84th Street and South Hosmer Street, an area that has suffered from high rates of crime.
Many former budget hotel sites in the area are set for redevelopment to affordable housing as part of the area’s turnaround efforts, and a behavioral health site is planned on property across from the storage business. That parcel was purchased by Emerald City Enhanced Services in April for just under $1 million.
Meanwhile, the local market remains strong for storage investors, according to a Colliers representative.
“Storage remains one of the most resilient asset classes across the Pacific Northwest with new buyers entering the market looking to place new capital, and the sale ... serves as a testament to this trend,” said Colliers’ Fliflet.
This story was originally published June 29, 2023 at 5:20 AM.
