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.