Tuesday, December 22, 2009

Bancap Self Storage Group Brokers Yet Another Lender Owned Storage Property

St. Thomas Self Storage in Hesperia sells for $2.775 million

Bancap Self Storage Group, Inc., the “#1 Self Storage Broker in California,” announced that the firm has successfully brokered the sale of the St. Thomas Self Storage property located in the city of Hesperia in San Bernardino County, California. Dean Keller, the firm’s president, was the exclusive listing broker for the transaction. The seller was a regional bank that had foreclosed on the property earlier this year. The buyer was a private REIT with other self storage holdings in the area. It was the third lender-owned storage property that Bancap Self Storage Group has brokered this year.

The property sold for $2,775,000 which was significantly less that the property’s development costs. The seller provided purchase financing to facilitate the sale. Occupancy was approximately 35%, offering further upside potential to the buyer.

Located on nearly 5 acres of land, St. Thomas Self Storage contains nearly 73,000 net square feet of self storage space demised into nearly 500 units. The sale also included about an acre of vacant land located adjacent to the storage property. The attractive single story project was built in 2007 and is located on Yucca Street with signage and additional access on Main Street in a retail and commercial oriented location. The single story storage buildings are constructed of concrete block and metal walls with metal partitions, roofs and doors.

Bancap Self Storage Group is the “#1 Self Storage Broker in California” with over $850 million in completed self storage sales, including many lender-owned REO properties, numerous portfolio sales, and a record setting single property sale at over $31 million. For more information contact Bancap Self Storage Group at (949) 888-5355 or visit the company web site at www.bancapselfstorage.com

Tuesday, December 8, 2009

Global Self Storage (Lender REO) in Victorville, California Sells for $4.5 Million

Bancap Self Storage Group, Inc., the “#1 Self Storage Broker in California,” recently announced that the firm has successfully brokered the sale of the Global Self Storage property located in the city of Victorville in San Bernardino County, California. Dean Keller, the firm’s president, was the exclusive listing agent and sole broker in the transaction. The seller was a regional bank that had foreclosed on the property earlier this year. The buyer was the real estate affiliate of U-Haul which will re-brand the property with that name.

“This is a classic example of a first class property that just opened up for business at the wrong time,” Keller said “The effects of the economic downturn and the temporary overbuilding in these areas have really hurt owners in outlying markets like this.”

The property sold for $4.5 million which was significantly less that the property’s development costs. The seller provided purchase financing to facilitate the sale. Occupancy was approximately 43%, offering further upside potential to the buyer.

Located on nearly 7.5 acres of land, Global Self Storage contains nearly 87,000 net square feet of self storage space demised into nearly 600 units. The property also has 150 exterior RV & boat storage spaces, including many covered storage spaces. The attractive single story project was built in 2007 and is located on Palmdale Road in a retail and commercial oriented location. The single story storage buildings are constructed of concrete block and metal walls with metal partitions, roofs and doors.

“There has only been a handful of foreclosed storage properties listed for sale in Southern California this year and we have been the exclusive listing broker for most of them,” Keller said. “There are plenty of buyers looking to “steal” lender owned properties, but we have been able to obtain good and fair prices for the sellers. The key is to hire a true self storage broker with a proven track record of getting the highest and best price possible. Self storage is such a unique property type and most real estate brokerage firms do not have specialists with the expertise and experience it takes to maximize value for the sellers in this unique property niche.”

Bancap Self Storage Group is the “#1 Self Storage Broker in California” with over $850 million in completed self storage sales, including many lender-owned REO properties, numerous portfolio sales, and a record setting single property sale at over $31 million. For more information contact Bancap Self Storage Group at (949) 888-5355 or visit the company web site at www.bancapselfstorage.com

Tuesday, September 1, 2009

Bancap Self Storage Group Sells Lake Elsinore Self Storage Property

Bancap Self Storage Group, Inc., the “#1 Self Storage Broker in California,” recently announced that the firm had successfully brokered the sale of the Elsinore Valley Self Storage property located in the city of Lake Elsinore in Riverside County, California. Dean Keller, the firm’s president, was the exclusive listing agent and sole broker in the transaction. The seller was the original local developer of the property and the buyer was an affiliate of the Storage Solutions regional chain of storage facilities.

“Although much of the talk these days is about distressed properties, this sale is an example of the fact that our firm still has many qualified and motivated buyers that are willing to pay attractive prices for good properties,” Keller said.

The property sold for $5,280,000 which represented an attractive capitalization rate on the current net operating income. The buyer owns another property in the market area and expects to benefit from economies of scale operating the two properties together. Occupancy was approximately 75%, offering further upside potential to the buyer.

Located on nearly 6 acres of land, Elsinore Valley Self Storage contains nearly 60,500 net square feet of self storage space demised into approximately 435 units. The property also offers 170 exterior RV & boat storage spaces, including over 20 covered boat storage spaces. The attractive single story project was built in 2001 and is located on Central Avenue across the street from a Target – anchored shopping center. The buildings are constructed of concrete block and metal walls with metal partitions, roofs and doors.

“There have been very few non-distressed self storage properties that have sold in Southern California this year” Keller explained “Most owners think they cannot obtain a good price in today’s market, but that just is not the case. We have several motivated buyers that are aggressively looking for stabilized facilities in good markets. The key is to hire a self storage broker with a proven track record of getting the highest and best price possible. Self storage is such a unique property type and most real estate brokerage firms do not have specialists with the expertise and experience it takes to maximize value for the sellers in this unique property niche.”

Friday, August 21, 2009

Lender-Owned Self Storage Property Sells in Lancaster, California

Property is first foreclosed (REO) self storage in Southern California to sell in 2009.

Bancap Self Storage Group, Inc., the “#1 Self Storage Broker in California,” recently announced that the firm had successfully brokered the sale of the All Storage self storage property located in the city of Lancaster in Los Angeles County, California. Dean Keller, the firm’s president, was the exclusive listing agent who represented both parties in the transaction. The seller was the original construction financing lender who obtained the property through foreclosure. The buyer was American Self Storage Center, a family owned independent owner/operator of self storage properties.

The property contains approximately 30,000 net square feet demised into approximately 330 units. The single story project was built in 2005 and is located on a signalized intersection with very good visibility and access. The project is constructed of metal walls with metal partitions, roofs and doors.

The property sold for $1,650,000 which represented a capitalization rate of approximately 8.8% on the 2008 net operating income. Occupancy was approximately 65%. The property had been experiencing decreasing income during the time it was lender owned. The seller provided financing of 75% of the purchase price to provide the buyer time to improve the property’s occupancy and income over the next few years, along with the expected improvement of the overall economy and the return of more normal financing market conditions.

“This is the first lender-owned self storage property in Southern California to be sold in this economic recession” Keller said “But there are more coming down the pipeline. Self storage is such a unique property type and even most of the major real estate brokerage firms do not have the expertise and experience it takes to maximize value for the sellers in this unique property niche.”

Bancap Self Storage Group is the “#1 Self Storage Broker in California” with over $850 million in completed self storage sales, including many lender-owned properties, numerous portfolio sales, and a record setting single-property sale at over $31 million. For more information contact Bancap Self Storage Group at (949) 888-5355 or visit the company web site at www.bancapselfstorage.com

Thursday, July 9, 2009

Adobe Self Storage in Indio Changes Hands

Bancap Self Storage Group, Inc., the “#1 Self Storage Broker in California,” recently announced that the firm had facilitated a transaction for the Adobe Self Storage project in Indio, California. Dean Keller, the firm’s president, was the exclusive listing agent and the only broker involved in the transaction. The original owner/operator was a small family trust based in Oregon. The new operator is a San Diego based investment group looking to increase its holdings in the self storage industry.

Adobe Self Storage is approximately 75,000 net rentable square feet demised into over 600 units, including some climate-controlled units, on just over four acres of land. The single story project was originally constructed in 2002 and was expanded in late 2006 to its current size. The project was constructed of block perimeter walls around the exterior of the property with metal partitions, roofs and doors. Additionally, there is a two-story frame and stucco building which serves as the rental office and manager’s residence.

The property had originally gone under contract in 2008 and was set to close in the late fall, just as the overall economy and market started to dramatically sink. Although the deal was on the brink of termination, Keller found a creative way to restructure the deal that served the needs of all parties involved. Instead of an outright sale at this time, the new operators have obtained a leasehold interest in the property and have purchased the right to complete the purchase transaction at a future time. It is expected that over the next few years, the property’s occupancy and income will improve along with the overall economy, and the availability of financing will return to more normal market conditions.

Bancap Self Storage Group is the “#1 Self Storage Broker in California” with over $850 million in completed self storage sales, including many lender-owned properties, portfolio sales, and a record setting single-property sale at over $31 million. For more information contact Bancap Self Storage Group at (949) 888-5355 or visit the company web site at www.bancapselfstorage.com

Tuesday, July 7, 2009

The First Posting

Okay, here it is - the very first post on the the Self Storage Broker blog.

I have to admit I am not exactly sure how I will use this tool, but I expect it will evolve over time to have some interesting or valuable information for people that own and/or want to own self storage properties. Give me some time and please check back occasionally to see what's going on here.

Thanks!