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


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    Christine Elisabeth Hueber

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