We recently announced that Bancap Self Storage Group successfully brokered the sale of the Keep It Self Storage property located in the Valencia area of the city of Santa Clarita, California. Dean Keller, the firm’s president, was the sole broker in the transaction. The seller was a private self storage partnership that originally developed the property. The buyer was a publicly traded REIT which will re-brand the property with its name.
This is a very desirable first class property located in a growing market with high barriers to entry. It is also one of the nicest and newest storage facilities in the area. It should perform very well for the buyers.
The property sold on an “all cash” basis for an undisclosed price as part of a two-property transaction valued at over $25 million. The portion of the price allocated to this property reflected an indicated price of over $130 per net square foot. The property, which opened in 2009, was still in lease-up and was approximately 70% occupied at the time of sale.
The Keep It Self Storage property is located in the Rye Canyon business park of Valencia at 28111 Kelly Johnson Parkway. The facility contains over 104,000 net square feet of self storage space divided into nearly 1,000 units, plus an additional 43 exterior RV storage spaces. The buildings are constructed of concrete block and stucco with metal partitions, roofs and doors.
There has only been a handful of class A storage properties sold in Southern California in the past few years and we have been the exclusive broker for most of them. The market for these types of properties is very strong. But self storage is such a unique property type that it takes a specialist with proven expertise and experience to maximize value for sellers in this unique property niche.