# Marcus & Millichap Brokered an $8 Million Pak-A-Nut Sale in Bellingham as Public Storage Took Management > The 2006-built Pak-A-Nut trade includes more than two acres of excess land near the Canadian border while Spartan opened a competing 541-unit FreeUp site in North Bellingham in September. Family sellers handed keys to an institutional first-time Washington buyer with stabilization upside. - URL: https://www.yourcaio.co/news/pak-a-nut-bellingham-8-million-public-storage-october-2026 - Published: 2026-10-15 - Author: David Cartolano (https://www.yourcaio.co/about) - Category: Acquisitions - Tags: Bellingham Washington, Marcus & Millichap, Public Storage, Pak-A-Nut Storage, Third-Party Management - Source: [List Self Storage](https://listselfstorage.com/us/industry-insights/weekly-self-storage-transaction-roundup-10-01-26-10-13-26/) ## Key Takeaways - List Self Storage's weekly roundup published October 14, 2026 documented Marcus & Millichap's $8,000,000 sale of Pak-A-Nut Storage at 840 Marine Drive in Bellingham, Washington, totaling 58,410 net rentable square feet on a 5.88-acre site built in 2006. - The seller held the asset under private family ownership and self-management for roughly 20 years; Public Storage assumed third-party property management for the buyer, per the October 14 transaction snapshot. - List Self Storage noted more than two acres of excess land for future expansion and an opportunity to stabilize and increase physical occupancy for the new owner. - The property sits approximately 20 miles south of the Canadian border; List described the trade as the buyer's first self-storage asset in Washington state. - The sale lands weeks after [Spartan Investment Group opened a 541-unit FreeUp facility](https://www.yourcaio.co/news/spartan-freeup-bellingham-541-unit-opening-september-2026) in North Bellingham, showing simultaneous lease-up supply and value-add acquisition bidding in the same MSA. Marcus & Millichap closed an **$8,000,000** sale of **Pak-A-Nut Storage** at **840 Marine Drive** in **Bellingham, Washington**, documenting **58,410** net rentable square feet on a **5.88-acre** site, per **List Self Storage's** transaction roundup published **October 14, 2026**. **Public Storage** took **third-party management** for a buyer making its **first Washington self-storage acquisition**. Twenty years of family operation just met institutional underwriting **20 miles south of the Canadian border**. --- ## What Did List Self Storage Report About the Pak-A-Nut Trade? List's October 14 snapshot is the public record for price and square footage when neither party issues a press release. | Metric | List Self Storage (Oct. 14, 2026) | |--------|-----------------------------------| | Asset | Pak-A-Nut Storage (Public Storage branded operations post-close) | | Address | 840 Marine Dr, Bellingham, WA 98225 | | Sale price | $8,000,000 | | Net rentable area | 58,410 SF | | Land | 5.88 acres | | Vintage | Built 2006 | | Seller profile | Private family, self-managed ~20 years | | Manager | Public Storage (third-party for buyer) | | Broker | Marcus & Millichap (Chris Secreto) | List flagged **more than two acres of excess land** and **occupancy stabilization upside**, the classic value-add pitch when street rates are flat nationally but in-place rents still exceed move-in quotes in tight submarkets. --- ## Why Would a First-Time Washington Buyer Pay $8 Million in 2026? National advertised rates remain negative year over year. [BMS Group's fall 2026 outlook](https://www.yourcaio.co/news/bms-fall-2026-self-storage-street-rates-supply-outlook-october-2026) pegged August asking rates down **1.9%** YoY while REIT same-store revenue turned slightly positive on occupancy. Bellingham is not Phoenix. It is a **border-adjacent** market with **limited institutional scale** and **heavier climate considerations** (heated and standard product both matter). The Pak-A-Nut footprint is **not** a 2025 lease-up special sitting next to three developers; it is a **2006** asset with **expansion optionality**. Public Storage as **third-party manager** signals how the buyer plans to close the operational gap quickly: - Centralize revenue management and call-center routing - Plug into Public Storage's insurance and e-rental stack - Avoid building a standalone platform for one Washington asset That is the same playbook [Colliers buyers use on Virginia portfolios](https://www.yourcaio.co/news/colliers-simply-storage-virginia-2883-unit-portfolio-october-2026), scaled down to a single Harbor-adjacent site. --- ## How Does Bellingham Supply Look After September's FreeUp Opening? [Spartan Investment Group opened 541 units in North Bellingham on September 21, 2026](https://www.yourcaio.co/news/spartan-freeup-bellingham-541-unit-opening-september-2026), citing city plans for **~16,525** new housing units by **2036**. Spartan's product emphasizes **heated storage** near **Interstate 5** and **Costco**. Pak-A-Nut on **Marine Drive** competes in a different submarket slice: older vintage, **expansion land**, and **Public Storage** operating discipline rather than a grand-opening marketing blitz. List's October roundup also included **Pedron's Auto Boat and RV Storage** in **Vancouver, Washington**, at **$5,520,000** (**80,824** square feet, **275** vehicle spaces) through the same Marcus & Millichap broker (**Chris Secreto**). The Pacific Northwest is seeing **vehicle storage liquidity** alongside traditional NRSF trades. --- ## What Does an $8 Million Price Imply on 58,410 Square Feet? Simple math puts the headline near **$137** per net rentable square foot on reported NRSF, before closing adjustments, capital expenditures, or occupancy haircuts. Buyers in October 2026 are not paying that number for in-place yield alone. They are buying: 1. **Management arbitrage** (family ops to Public Storage systems) 2. **Land optionality** (2+ excess acres) 3. **Geographic footprint** (first Washington asset for platform expansion into Cascadia) Institutional firsts matter for fundraising narratives. A GP that can show a **Washington closing** unlocks broker relationships in **Seattle-Tacoma** and **Vancouver BC** feeder markets. --- ## The Numbers Worth Writing Down - **Price:** $8,000,000 (List Self Storage, Oct. 14, 2026) - **NRSF:** 58,410 on **5.88** acres - **Implied $/NRSF:** ~**$137** on headline figures - **Vintage:** **2006** build - **Seller tenure:** ~**20** years family self-management - **Manager:** Public Storage (third-party) - **Expansion land:** **>2** acres excess per List - **Border context:** ~**20** miles south of Canada - **Broker:** Marcus & Millichap, **Chris Secreto** --- ## Family Exits Still Clear When Platforms Show Up The Pak-A-Nut trade is not a REIT balance-sheet headline. It is the **middle market** reality List Self Storage captures every week: anonymous institutional buyer, branded third-party manager, disclosed price, undisclosed cap rate. October's Bellingham story is **two-speed**: Spartan **builds** heated Class A on I-5; a family seller **recycles** Marine Drive into Public Storage systems with **land left over**. For operators watching [James City County deny storage on traffic grounds](https://www.yourcaio.co/news/james-city-county-landtech-storage-denied-october-2026) the same week, Bellingham is the reminder that **deals still close** where expansion land and professional management can replace twenty years of mom-and-pop leakage. --- ## Sources - [Weekly Self Storage Transaction Roundup: 10/01/26 – 10/13/26](https://listselfstorage.com/us/industry-insights/weekly-self-storage-transaction-roundup-10-01-26-10-13-26/), List Self Storage, October 14, 2026 ## Frequently Asked Questions ### What was the Pak-A-Nut Bellingham sale price in October 2026? List Self Storage's October 14, 2026 weekly transaction roundup cited an $8,000,000 sale price for Pak-A-Nut Storage at 840 Marine Drive in Bellingham, Washington. The facility totals 58,410 net rentable square feet on a 5.88-acre parcel built in 2006, brokered by Marcus & Millichap's Chris Secreto. ### Who manages Pak-A-Nut Storage after the sale? Public Storage assumed operations as third-party property manager for the new owner, per List Self Storage's October 14 documentation. The buyer was described as an institutional investor making its first self-storage acquisition in Washington state. ### Does the Bellingham site have expansion land? Yes. List Self Storage reported more than two acres of excess land on the 5.88-acre footprint, creating optional expansion capacity beyond the existing 58,410 net rentable square feet. Buyers typically underwrite that pad for climate-controlled add-ons or RV storage depending on entitlement risk. ### How does this deal compare with new supply in Bellingham? Spartan Investment Group opened a 541-unit, 76,600-square-foot FreeUp Storage site in North Bellingham on September 21, 2026. The Pak-A-Nut trade is a 2006 vintage stabilization play with Public Storage systems, while Spartan's opening adds Class A heated product on Interstate 5. ### Why do family sellers use Marcus & Millichap for Washington trades? Marcus & Millichap's Chris Secreto also brokered Pedron's Auto Boat and RV Storage in Vancouver, Washington for $5,520,000 in the same October 14 roundup, showing the firm's Pacific Northwest vehicle-and-storage crossover desk active on both sides of the Columbia River. --- Cite as: David Cartolano, "Marcus & Millichap Brokered an $8 Million Pak-A-Nut Sale in Bellingham as Public Storage Took Management," YourCAIO.co, 2026-10-15, https://www.yourcaio.co/news/pak-a-nut-bellingham-8-million-public-storage-october-2026