Newport Mesa Self Storage Sold

Foreclosed Self Storage Property Sells for over $4.5 Million

Today we announced the successful sale of the Newport Mesa Self Storage property located in the city of Costa Mesa, Orange County, California. Bancap Self Storage Group, Inc. was the exclusive listing broker for the property. In a first of its kind transaction for a local self-storage property, the sale was part of a major on-line auction on the 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

Former San Francisco Mayor Willie Brown to Speak at the CSSA's Owners Symposium

The California Self Storage Association (CSSA) has announced that former San Francisco Mayor Willie Lewis Brown Jr. will be a key speaker at the 6th Annual Northern California Owners Symposium on Tuesday, April 17, 2012. Brown will speak about the California government and its fiscal challenges at the event which is expected to draw nearly 200 attendees.

Brown served as a two-term Mayor of San Francisco from 1996 to 2004. He was also a legendary Speaker of the California State Assembly from 1980 to 1995 and is widely regarded as the most influential African-American politician of the late twentieth century.He has been at the center of California politics, government, and civic life for four decades, and heads the Willie L. Brown, Jr., Institute on Politics and Public Service, where this acknowledged master of the art of politics shares his knowledge and skills with a new generation of California leaders.

The event will be held at The Lesher Regional Center for the Arts in Walnut Creek, California. Other speakers at this year's event includes Spencer Kirk, CEO of Extra Space Storage (www.extraspace.com), KC Conway, MAI, CRE, executive managing director of real estate analytics at Colliers Valuation, and employment law specialist Lisa Barnett Sween, a partner at Lewis, Beisbois Bisgaard & Smith LLP (www.lbbslaw.com).

"We are proud to have The Honorable Willie Brown as one of our speakers at the 6th Annual Northern California Owners Symposium,” says California Self Storage Association Executive Director Erin King. "We look forward to hosting this full-day event that will feature compelling ‘need to know' sessions by noted industry experts who will focus on what every self-storage owner and operator needs to know to successfully navigate through the challenges of 2012.”

For more information about the 6th Annual Northern California Owners Symposium or to register for the event, please visit www.californiaselfstorage.org or contact the California Self Storage Association at (949) 783-4130.

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

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

Casino Self Storage in Moorpark sells for $10.5 million

Bancap Self Storage Group Brokers Another Lender-Owned Storage Property.

Bancap has successfully brokered the sale of the Casino Self Storage property located in the city of Moorpark in Ventura County, California. I was the exclusive listing agent and sole broker in the transaction. The sale was facilitated by special servicing company LNR Partners, LLC on behalf of a CMBS fund that had foreclosed on the property earlier this year. The buyer was Public Storage, a publicly traded REIT, which will re-brand the property with its name.

This is a classic example of a very desirable first class property that was just over-leveraged in a very difficult economic climate. It is the nicest storage facility in the city and it should perform very well in the long run.

The property sold for $10.5 million on an “all cash” basis. This was much less that the property’s outstanding debt at the time of foreclosure. Although physical occupancy was over 85%, economic occupancy was approximately 66%, offering further upside potential to the buyer. The facility’s gross potential income at the time of closing was approximately $1,078,000 per year.

Casino Self Storage contains nearly 85,430 net square feet of self storage space divided into 822 units, including 91 climate controlled units. The attractive two-story project was built in 2005 and is located on Los Angeles Avenue (also known as State Highway 118) on a highly visible corner in retail and commercial oriented location. The buildings are constructed of concrete block and stucco with metal partitions, roofs and doors.

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 and fair prices for the sellers – usually millions of dollars more than the “direct offers” received from potential buyers and 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.

If you have a self storage property that you may be interested in selling for maximum value, please contact me!

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

Over $900 Million in Self Storage Sales

Bancap Self Storage Group, the “#1 Self Storage Broker in California,” recently announced that it has completed over $900 million of successful self storage sales transactions. The firm achieved this major milestone with recent sales in Long Beach and Hawthorne in Los Angeles County, California.

“Although we are not a household name, virtually every self storage owner knows about us,” said Dean Keller, President of Bancap Self Storage Group. “We are the only brokerage firm that can honestly boast the #1 track record in the state with over 25 years experience in brokering self storage properties exclusively.”

Bancap Self Storage Group has recently brokered several lender-owned “REO” properties that were foreclosed on by lenders, as well as first-class, high occupancy properties that were very profitable. The firm has also facilitated more self storage portfolio sales in the state than any other broker. Additionally, the company was responsible for the record-setting sale of a single self storage property in California at over $31 million.

“Although many owners think they cannot obtain a good price in today’s market, that is definitely not the case,” Keller said, “We have several motivated buyers that are aggressively looking for stabilized facilities in good markets. The key for the seller is to hire a self storage broker with a proven track record of getting the highest and best price possible. Self storage is a very unique property type and it takes a very specific expertise with decades of experience to maximize value for sellers in this unique property niche.”

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