Colliers Brokers $18.4 Million Sale of Sunset Self Storage in Puyallup to BVDSS Puyallup Owner LLC
PUYALLUP, Wash., Aug. 3, 2026 — Colliers has brokered the $18.4 million sale of Sunset Self Storage, a newly constructed self-storage facility at 5514 152nd St. E. in Puyallup, Washington. The buyer, BVDSS Puyallup Owner LLC, acquired the property from seller Mitchell RE Holdings LLC in a transaction that drew broad institutional interest through a competitive bidding process.
Colliers Executive Vice President Jacob Becher and Vice President Nate Fliflet represented both the buyer and the seller in the deal, which closed following a national marketing campaign.
Property Details and Pricing
Completed in 2025, Sunset Self Storage comprises approximately 107,936 net rentable square feet across 1,050 units in a three-story, semi-heated building. The facility features climate-controlled units, multistory elevator access, modern security systems, and a variety of storage options. The property is operated under the Extra Space Storage brand and held its grand opening in July 2026, with the certificate of occupancy issued shortly before the transaction closed.
At the $18.4 million sale price, the deal equates to approximately $170.50 per net rentable square foot and roughly $17,520 per unit — metrics consistent with institutional pricing for newly delivered, climate-controlled product in a growing secondary submarket within a major metropolitan area.
The facility is located within the Spanaway submarket of Pierce County, with direct access to State Route 512, State Route 167, and Interstate 5, providing regional connectivity to Tacoma, Puyallup, and the broader South Sound corridor.
Competitive Bidding and Institutional Demand
"Strong institutional demand and a highly competitive bidding process drove pricing for this transaction," said Jacob Becher, Executive Vice President at Colliers. "The South Sound continues to be one of the Pacific Northwest's most active self-storage investment markets. Over the past 12 months, our team has completed seven transactions in the region, with another Puyallup property scheduled to close in August."
Nate Fliflet, Vice President at Colliers, characterized the deal as a rare certificate-of-occupancy sale in a growing market. "Our national marketing process generated broad institutional interest, enabling us to identify the right buyer by leveraging relationships across the lender, seller, contractor and investor communities," Fliflet said. "Over the past 12 months, we've completed more than $100 million in self-storage sales across the South Sound, demonstrating both robust investor demand and the strength of our team's industry relationships."
Blue Vista Capital Management is the institutional investor behind BVDSS Puyallup Owner LLC, the acquiring entity in the transaction.
South Sound Self-Storage Market Context
The Puyallup transaction reflects continued investor appetite for high-quality, newly constructed self-storage assets in supply-constrained submarkets. The Spanaway submarket's proximity to major transportation corridors, including direct access to SR-512, SR-167, and I-5, positions Sunset Self Storage to serve a broad residential and commercial catchment area. The facility's Class A specifications, including climate control and elevator-served multistory access, align with the product profile that institutional buyers have prioritized in recent acquisition cycles.
Contemporary market data places stabilized cap rates for Class A self-storage facilities in secondary submarkets of major metropolitan areas in the mid-5% to low-6% range. The certificate-of-occupancy timing of the Sunset Self Storage transaction indicates underwriting based on lease-up projections rather than trailing net operating income.
About the Brokers
Jacob Becher focuses exclusively on buyer and seller representation for commercial investment properties across the country, with a concentration on the Western United States. He has facilitated more than $1.1 billion in self-storage transactions. Nate Fliflet is based in Seattle and brings 15 years of commercial real estate experience in the Puget Sound market.
Colliers (NASDAQ, TSX: CIGI) operates in 68 countries with approximately 22,000 professionals and reports annual revenues of more than $4.4 billion and $96 billion of assets under management.