San Franciso Self Storage Property Sold

Recently I announced the sale of 19^th Avenue Self Storage located in the city of San Francisco, California.   I was the exclusive listing agent and sole broker of the transaction.   The seller was a local independent limited liability company.  The buyer was an affiliate of iStorage, a national fast growing chain of over sixty self storage properties.  

19^th Avenue Self Storage is a hi-density urban infill property located in the Ingleside District in the city of San Francisco.  The multi-story property has over 800 units of various sizes.  The facility includes some climate controlled units and some 24 hour access units.

The property sold for $9,80,000 and included the assumption of an existing “conduit” loan.   

This is an outstanding combination of excellent location and consistently high occupancy in a very strong rental market with high barriers to entry.  It is another example of how it is an excellent time for both self storage buyers and sellers as we are seeing historically high prices and low cost of funds in virtually all markets of California and nationwide.

Lancaster Self Storage Property Sold

Previously Foreclosed Property Sold for $2.6 Million

Today I announced that Bancap Self Storage Group has successfully brokered the sale of the AAA Stor-Stuff Self Storage property located in the city of Lancaster in Los Angeles County, California.  I was the exclusive listing agent for the property.   

 The seller was a private investment firm that had purchased the mortgage on the property from a special servicing firm after they had begun the foreclosure process.  After the foreclosure of the property was completed, the group elected to list the property for sale. The buyer is a private limited liability company owned by local investors who are new to the self storage industry.

AAA Stor-Stuff  Self Storage was built in1986 and is a well-designed single story facility with all drive-up units.  The building walls, roofs, partitions and doors are all metal construction.  Located on 4.2 acres of land, the property contains over 61,600 net feet of self storage space divided into approximately 520 units.  There are also 39 uncovered vehicle storage spaces for RVs, boats and automobiles.

The property sold for $2.6 million (approximately $42 per net square foot) on a “cash to new loan” basis.  Occupancy at the facility was about 65% and climbing.  This was a rare opportunity to purchase a temporarily under-performing self storage property in Los Angeles County with significant upside potential.

There have only been a handful of foreclosed storage properties listed for sale in Southern California in the past few years and we have been the exclusive listing broker for most of them.  There are plenty of buyers looking to “steal” lender owned properties, but we have been able to obtain very good prices for sellers – and always more than the “unsolicited” or “direct offers” received from potential buyers or other brokers before our listing and marketing of the property.  Self storage is such a unique property type and it takes a specialist with proven expertise and experience to maximize value for sellers in this unique property niche.

 

Keep It Self Storage in Sylmar sells for nearly $140 per foot

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

Bancap Self Storage Group Brokers Santa Clarita Storage Property

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.

Newport Mesa Self Storage Sold

Foreclosed Self Storage Property Sells for over $4.5 Million

Today we announced the successful sale of the Newport Mesa Self Storage property located in the city of Costa Mesa, Orange County, California. Bancap Self Storage Group, Inc. was the exclusive listing broker for the property. In a first of its kind transaction for a local self-storage property, the sale was part of a major on-line auction on the Auction.com website. The sale was facilitated for the seller by special servicing company LNR Partners, LLC on behalf of the CMBS fund that had foreclosed on the property last year. The buyer was Amerco Real Estate Company which will re-brand the property as U-Haul Self Storage. 

Newport Mesa Self Storage offers a combination of an excellent location and a strong rental market. “There have been very few storage properties available for sale in Southern California and especially in Orange County,” said Dean Keller, “This was a rare opportunity to purchase a well located facility in a very desirable market with significant upside potential.”

Newport Mesa Self Storage contains 37,870 net feet of self storage space divided into 480 units. The property sold for over $4.5 million (approximately $120 per net square foot) on an “all cash” basis with a 30 day escrow. Occupancy at the facility was about 60% at the time of sale. The three-story infill project is located on a frontage road with visibility alongside the busy 55 (Costa Mesa) Freeway. The property has good curb appeal and very good signage.

“There have only been a handful of foreclosed storage properties listed for sale in Southern California in the past few years 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 very good prices for sellers – and always more than “direct offers” received from potential buyers or other brokers before our listing and marketing of the property. Self storage is such a unique property type and it takes a specialist with proven expertise and experience to maximize value for sellers in this unique property niche.”

Bancap Self Storage Group is the “#1 Self Storage Broker in California” with over $900 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 Dean Keller at (949) 888-5355 or visit the company web site at www.bancapselfstorage.com

Former San Francisco Mayor Willie Brown to Speak at the CSSA's Owners Symposium

The California Self Storage Association (CSSA) has announced that former San Francisco Mayor Willie Lewis Brown Jr. will be a key speaker at the 6th Annual Northern California Owners Symposium on Tuesday, April 17, 2012. Brown will speak about the California government and its fiscal challenges at the event which is expected to draw nearly 200 attendees.

Brown served as a two-term Mayor of San Francisco from 1996 to 2004. He was also a legendary Speaker of the California State Assembly from 1980 to 1995 and is widely regarded as the most influential African-American politician of the late twentieth century.He has been at the center of California politics, government, and civic life for four decades, and heads the Willie L. Brown, Jr., Institute on Politics and Public Service, where this acknowledged master of the art of politics shares his knowledge and skills with a new generation of California leaders.

The event will be held at The Lesher Regional Center for the Arts in Walnut Creek, California. Other speakers at this year's event includes Spencer Kirk, CEO of Extra Space Storage (www.extraspace.com), KC Conway, MAI, CRE, executive managing director of real estate analytics at Colliers Valuation, and employment law specialist Lisa Barnett Sween, a partner at Lewis, Beisbois Bisgaard & Smith LLP (www.lbbslaw.com).

"We are proud to have The Honorable Willie Brown as one of our speakers at the 6th Annual Northern California Owners Symposium,” says California Self Storage Association Executive Director Erin King. "We look forward to hosting this full-day event that will feature compelling ‘need to know' sessions by noted industry experts who will focus on what every self-storage owner and operator needs to know to successfully navigate through the challenges of 2012.”

For more information about the 6th Annual Northern California Owners Symposium or to register for the event, please visit www.californiaselfstorage.org or contact the California Self Storage Association at (949) 783-4130.

Bancap Self Storage Group Begins Marketing of Lender-Owned Self Storage Property in Orange County

Bancap Self Storage Group, Inc., the “#1 Self Storage Broker in California,” recently announced that it has begun marketing and sales activities for the lender owned self storage property known as Newport Mesa Self Storage in the city of Costa Mesa, California. The firm was selected as the exclusive listing broker for the Orange County facility.

Newport Mesa Self Storage is a three-story self storage property located on Newport Boulevard in the city of Costa Mesa in Orange County, California. It is currently operating under the Storage Direct trade name. The property is located on a busy frontage road with freeway visibility along the busy 55 (Costa Mesa) Freeway. This freeway is the main connection between Newport Beach and the rest of the Orange County metropolitan area.

The project contains approximately 37,870 net square feet of storage space in 480 rental units. The property is currently at 62% occupancy by unit count and 72% occupancy by rentable square footage. Economic occupancy currently stands at about 65% of the gross potential rental income. As the average occupancy in the area is approximately 90%, it appears this property has significant upside potential to increase value with higher occupancy and income.

“There have been very few storage properties available for sale in Southern California and especially in Orange County,” said Dean Keller, President of Bancap Self Storage Group. “This is a rare opportunity to purchase a well located facility in a very desirable market, with tremendous upside potential.”

Costa Mesa is well known for its retail (including the renowned South Coast Plaza), higher education (including Orange Coast College and Vanguard University) and its arts and entertainment (including the Segerstrom Center for the Arts.) The city is ideally located with close proximity to commercial, industrial and residential districts around the Orange County / John Wayne Airport area. It is also closely associated with its coastal neighbor, the world famous Newport Beach.

The property was recently obtained through foreclosure and the foreclosing lender/owner is represented by LNR Partners, LLC as the special servicing agent for the note-holders. LNR Partners has engaged Platinum Storage Group to provide professional property management services for the property. LNR has previously engaged Bancap Self Group as its exclusive broker – most recently in the sale of the Casino Self Storage property in Moorpark, California.

Bancap Self Storage Group is the top selling broker of self storage facilities in California with over $900 million in completed sales. The company has specialized exclusively in self storage properties for over 25 years. The firm has recently brokered several lender-owned “REO” properties, as well as several first-class high occupancy properties that were very profitable. The firm has also facilitated numerous self storage portfolio sales in the state.

For more information contact Dean Keller, President of Bancap Self Storage Group at (949) 888-5355 or visit the company web site at www.bancapselfstorage.com