We recently announced that Bancap Self Storage Group successfully brokered the sale of the Keep It Self Storage property located in the Sylmar area of Los Angeles, California. We were the sole broker in the transaction. The seller was a private self storage partnership that originally developed the property. The buyer was Public Storage, a publicly traded REIT, which will re-brand the property with its name.
Keep It Self Storage has developed several first class storage facilities in very strong markets. This property has incredible freeway visibility and signage and is one of the nicest storage facilities in the area. It should perform very well for the new owners.
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 nearly $140 per net square foot.
The Keep It Self Storage property is located at 16045 Foothill Boulevard along the Interstate-210 Freeway just east of the Interstate-5 Freeway. The facility contains approximately 81,500 net square feet of self storage space divided into over 800 units. A portion of the facility contains climate-controlled storage spaces. The buildings are constructed of concrete block and stucco with metal partitions, roofs and doors.
We are proud to have brokered this first class self storage facility. There were some very unique aspects to this deal and everyone really worked together well to make it happen. We appreciate that the seller recognized this is such a unique property type that it takes a self storage specialist with proven expertise and experience to maximize value in this very desirable property niche.
Bancap Self Storage Group “#1 Self Storage Broker in California” with nearly $1 billion 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. As always, please contact me for more information at (949) 888-5355 or visit our company website at www.bancapselfstorage.com