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

All Seasons Storage - just steps from the Colorado River

Bancap Self Storage Group, Inc. is pleased to present a unique and rare self storage and boat storage investment opportunity located just steps from the Colorado River at the California/ Arizona border. All Seasons Storage in Needles California offers a unique combination of convenient river location, stabilized high occupancy and significant upside potential.

Occupancy at the property is generally in the 90% range, with peak occupancy over 100% during the summer high season. Based on this high seasonal occupancy, it is projected that the purchaser would benefit from increased rental rates and higher income in the coming years.

The property is offered for sale at $2,600,000 on a cash or cash-to-new-loan basis.

All Seasons Storage offers traditional self storage buildings for inside storage of boats, vehicles, business supplies or household goods. The property also has an enclosed large warehouse building used for the storage of boats, personal watercraft, etc.

The City of Needles is located in the Mohave Valley on the western side of the scenic Colorado River in the “tri-state” area that includes portions of California, Arizona and Nevada. The fabled Route 66 also runs through downtown Needles.

The property is well located on North K Street near the bridge crossing over the Colorado River and two launch ramps (Needles Marina & Jack Smith Park.) This street is also known as the Arizona 95 Spur and the Mohave Valley Hwy. and links the City of Needles to the greater trade area which includes Bullhead City, Arizona; Laughlin, Nevada; Kingman, Arizona; Lake Havasu City, Arizona; unincorporated areas of Mohave County, Arizona; unincorporated areas of San Bernardino County, California and the Fort Mohave Indian Reservation.

For more information about the property's amenities, go to their internet site at http://www.allseasonsstorage.net/

To arrange a tour of the property or to obtain additional information,
please contact Dean L. Keller at (949) 888-5355 or via my website at: bancapselfstorage.com