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

Bancap Self Storage Group Selected To Market Lender-Owned Self Storage Property In Southern California

Casino Self Storage in Moorpark, California is Listed for $11.5 Million.

Bancap Self Storage Group has been selected as the exclusive broker for a lender owned self storage property in Ventura County, California. The firm will handle the marketing and sales activities for the Casino Self Storage property located in Moorpark, California. The property has been listed for sale with an asking price of $11,500,000.

Casino Self Storage is an attractive, well designed and nicely constructed “Class A” self storage project. The project shows very well and enjoys good corner visibility and easy access on State Highway 118 / West Los Angeles Avenue with an average daily traffic count of approximately 32,500 vehicles per day.

The two-story facility offers over 85,000 net square feet of self storage space demised into 822 units, including 91 climate controlled spaces. The buildings are concrete block, stucco and metal construction with metal interior partitions, roofs and doors.

“There have been very few properties of this quality available for sale in Southern California,” said Dean Keller, President of Bancap Self Storage Group. “This is a rare opportunity to purchase a first class facility in a very desirable market, with tremendous upside potential.”

The city of Moorpark is nestled in a flourishing valley near the larger cities of Simi Valley and Thousand Oaks. The area boasts spacious mountain views, a perpetual vacation climate, historical western charm, beautiful residential neighborhoods, outstanding schools, an exceptional college, fruit stands, cultural arts, fantastic shopping and a variety of restaurants. Moorpark is the perfect blend of country and city living. It is a family-oriented community with abundant open space, hiking & equestrian trails, world famous golf courses and incredible sunsets.

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 original loan. LNR Partners has also engaged Platinum Storage Group to provide professional property management services for the property.

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 me at (949) 888-5355 or visit the company web site at www.bancapselfstorage.com

Strategic Storage Acquires Two Properties in Southern California

In an all cash transaction, Strategic Storage Trust, Inc. (SSTI) – a publicly registered non-traded REIT targeting the self-storage market – recently acquired two properties in Long Beach and Hawthorne, Calif., totaling approximately 1,600 units for an aggregate purchase price of $26 million.

The sites will be rebranded under the SmartStop℠ Self Storage trade name.

“These are premium Southern California infill locations that add significant value to our portfolio,” said H. Michael Schwartz, SSTI’s chairman and CEO. “Dense population and newer construction are key attributes to both sites.”

The first property is located at 8150 E. Wardlow Road in Long Beach and contains approximately 87,000 rentable square feet with approximately 830 units on approximately 3.7 acres of land. The facility is located in Los Angeles County with easy access to Interstate 405, Freeway 91 and Interstate 605. Built in 1999, it consists of four buildings, one of which is two stories. Amenities include surveillance cameras, individual locks, climate control, keypad entry and an office for on-site management.

The second property is located at 12714 S. La Cienega Boulevard in Hawthorne, which is also part of Los Angeles County. The building contains approximately 87,000 rentable square feet with approximately 770 units on approximately 1.7 acres of land. It is adjacent to Interstate 405 access and is within one mile of access to Interstate 105. Built in 2004, the facility has one four-level building and another two-level building, along with a basement with ramp access. Amenities include surveillance cameras, individual locks, climate control, keypad entry and office and apartment for management.

“The Hawthorne site stands out due to its close proximity to the 405 Freeway, a dense surrounding population, newer construction and a great location between LAX and Manhattan Beach,” said Wayne Johnson, senior vice president of acquisitions for SSTI. “Both Long Beach and Hawthorne are high quality sites that will carry out our brand well.”

Although the properties were never put on the open market, there was competition from several other potential buyers, said Dean Keller of Bancap Self Storage Group, Inc., who brokered the transaction for SSTI.

“This deal could have easily fallen apart if Strategic hadn’t been such a strong and qualified buyer,” Keller said. “The seller had turned down many compelling offers on these first-class properties, but selected Strategic based on their track record, financial strength and ability to perform. Everybody worked hard – both the seller and the buyer - and it was a very fast close.”

The Los Angeles Metropolitan area is the third largest metropolitan economy in the world, with a population of 13 million and a GDP of over $500 billion.* Major economic drivers include international trade and commerce with an extensive transportation network with Los Angeles International Airport and the shipping ports of Los Angeles and Long Beach.

SSTI also owns a location in Orange County, California at 25650 Baffin Bay Dr. in Lake Forest, which consists of approximately 1,300 units.

Since the launch of SSTI 2.5 years ago, SSTI’s portfolio of wholly-owned properties has expanded to include 43 properties in 15 states (Alabama, Arizona, California, Florida, Georgia, Illinois, Kentucky, Mississippi, Nevada, New Jersey, Pennsylvania, South Carolina, Tennessee, Texas and Virginia) and Toronto - Ontario, Canada.