SEATTLE, May 20, 2026 – Cushman & Wakefield announced today that the commercial real estate services firm represented Commune Capital in the $50.7 million sale of a trophy self-storage property located at 12399 Northup Way in Bellevue, Washington, one of the most sought-after submarkets in the Seattle metropolitan area.
Cushman & Wakefield’s Mike Mele, Luke Elliott, Jim Lewis and Steffan Brown represented Commune Capital in its transaction with Premier Storage Investors.
“This transaction underscores the institutional quality of the asset and the continued strength of investor demand for best-in-class self-storage facilities,” said Jim Lewis, Cushman & Wakefield Senior Director. “The Bellevue market, in particular, stands out as one of the most dynamic areas in the country, driven by strong population growth, high barriers to entry and exceptional underlying demographics. Investors continue to target the Seattle region for its long-term stability and outsized growth potential.”
Added Steffan Brown, Cushman & Wakefield Senior Associate based in Seattle, “A local perspective and expertise was paramount to this property’s offering and building exposure for a national audience. That effort, and the asset’s underlying quality and unbeatable Bellevue location, drove tremendous interest from a pool of potential investors from across the country.”
The asset comprises a 103,397-square-foot, Class A self-storage facility featuring 988 units and situated on approximately 1.22 acres. Built in 2016, the property is highly amenitized with a mix of climate-controlled and drive-up units and is currently 93% occupied, reflecting strong operational performance in a supply-constrained market.
Located in Bellevue’s high-growth Bel-Red corridor, the property benefits from exceptional surrounding demographics, including a population exceeding 131,000 within a three-mile radius and average household incomes over $218,000, supporting sustained demand for storage in the area. The market is further characterized by limited supply, with approximately 6.85 square feet of storage per capita, underscoring the asset’s long-term investment appeal.
“The self-storage sector has demonstrated resilience and consistent performance amid shifting economic conditions, resulting in growing investor confidence,” said Mike Mele, Cushman & Wakefield Executive Vice Chairman and head of the firm’s National Self Storage Advisory Group. “Going forward, we’ll continue to see that momentum accelerate as supply moderates and fundamentals improve in markets across the country.”
