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