Foreclosed Self Storage Property Sells for over $4.5 Million
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