Oregon storage portfolio trades on expansion ground

Marcus & Millichap has closed the sale of a six-property, 537,962-square-foot Secure Storage portfolio spread across Ashland, Bend, Prineville, Redmond, Hood River, and Hillsboro, Ore., though the Connect CRE report that first disclosed the closing kept the purchase price off the record. The seller was a family that owned and operated all six properties, according to Adam Schlosser, executive managing director of the LeClaire-Schlosser Group at Marcus & Millichap, who cited consistent reinvestment and strong in-place performance across the group.

Schlosser, Keith Phillips, and Dean Trammell represented the seller alongside David Tabata, the firm's Oregon broker of record. The portfolio carries two features that separate it from an ordinary storage trade: ground-level access across all rentable square footage and dedicated expansion land at two of the six properties.

The new owner has bought a stabilized income stream with a construction option folded into the same parcel, and that construction option is the part of the deal worth watching because adding square footage on land already in the deal avoids the hardest part of storage development—finding a site in the first place. Schlosser pitched the group as a rare turnkey portfolio with room to grow, and the room to grow is doing the heavy lifting.

The closing lands the same week Marcus & Millichap set a fresh mid-sized multifamily comp in Lincoln Park, and the different product lines pose the same underwriting question: buyers are pricing what can be built or improved, not just what is already leased.