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.
