Senior Vice President Tom de Jong of Colliers’ Self Storage Group acted as a consultant on behalf of the seller in a $20 million sale of a new Extra Space Storage facility in Tigard, Oregon, southwest of Portland. The sale closed on August 31, 2021 and was purchased by Red Hat Enterprises, an experienced self storage investor with 12 other properties managed by Extra Space Storage. The Extra Space Storage self storage facility is a third party managed facility and was completed in January 2020 and was sold by the developer, Trailblazer Development, LLC.
The subject property is located at 7600 SW Atlanta St in Tigard, Oregon and totals 86,623 square feet of rentable storage space across 950 units. The property was 60 percent leased at the time of sale negotiations. By close of escrow the property had reached 80 percent occupancy, reflecting the strength of Portland’s self storage market demand. The sale price of $20 million was paid all-cash and equates to $231 per rentable square foot and $21,052 per unit. The multi-story Class A self storage property is 100 percent temperature controlled.
“Tom possesses the qualities that make him an extremely successful and effective broker,” said the client, Trailblazer Development, LLC. “I can’t say enough about his professionalism and knowledge within the self storage industry. He has high integrity and is very conscientious and tenacious, always keeping the client’s best interests in mind. Tom gets to the point quickly yet professionally, always respecting the client’s time. Tom is extremely responsive and shows great attention to the details enabling the transaction, of any size, to get done. I have the highest level of confidence in him.”
Tom de Jong works out of Colliers’ Reno office but has completed transactions around the country. He specializes in the sale, development, and disposition of self storage and industrial assets throughout the U.S. and has completed transactions totaling in excess of $450 million.