Property is first foreclosed (REO) self storage in Southern California to sell in 2009.
Bancap Self Storage Group, Inc., the “#1 Self Storage Broker in California,” recently announced that the firm had successfully brokered the sale of the All Storage self storage property located in the city of Lancaster in Los Angeles County, California. Dean Keller, the firm’s president, was the exclusive listing agent who represented both parties in the transaction. The seller was the original construction financing lender who obtained the property through foreclosure. The buyer was American Self Storage Center, a family owned independent owner/operator of self storage properties.
The property contains approximately 30,000 net square feet demised into approximately 330 units. The single story project was built in 2005 and is located on a signalized intersection with very good visibility and access. The project is constructed of metal walls with metal partitions, roofs and doors.
The property sold for $1,650,000 which represented a capitalization rate of approximately 8.8% on the 2008 net operating income. Occupancy was approximately 65%. The property had been experiencing decreasing income during the time it was lender owned. The seller provided financing of 75% of the purchase price to provide the buyer time to improve the property’s occupancy and income over the next few years, along with the expected improvement of the overall economy and the return of more normal financing market conditions.
“This is the first lender-owned self storage property in Southern California to be sold in this economic recession” Keller said “But there are more coming down the pipeline. Self storage is such a unique property type and even most of the major real estate brokerage firms do not have the expertise and experience it takes to maximize value for the sellers in this unique property niche.”
Bancap Self Storage Group is the “#1 Self Storage Broker in California” with over $850 million in completed self storage sales, including many lender-owned properties, numerous portfolio sales, and a record setting single-property sale at over $31 million. For more information contact Bancap Self Storage Group at (949) 888-5355 or visit the company web site at www.bancapselfstorage.com
Friday, August 21, 2009
Thursday, July 9, 2009
Adobe Self Storage in Indio Changes Hands
Bancap Self Storage Group, Inc., the “#1 Self Storage Broker in California,” recently announced that the firm had facilitated a transaction for the Adobe Self Storage project in Indio, California. Dean Keller, the firm’s president, was the exclusive listing agent and the only broker involved in the transaction. The original owner/operator was a small family trust based in Oregon. The new operator is a San Diego based investment group looking to increase its holdings in the self storage industry.
Adobe Self Storage is approximately 75,000 net rentable square feet demised into over 600 units, including some climate-controlled units, on just over four acres of land. The single story project was originally constructed in 2002 and was expanded in late 2006 to its current size. The project was constructed of block perimeter walls around the exterior of the property with metal partitions, roofs and doors. Additionally, there is a two-story frame and stucco building which serves as the rental office and manager’s residence.
The property had originally gone under contract in 2008 and was set to close in the late fall, just as the overall economy and market started to dramatically sink. Although the deal was on the brink of termination, Keller found a creative way to restructure the deal that served the needs of all parties involved. Instead of an outright sale at this time, the new operators have obtained a leasehold interest in the property and have purchased the right to complete the purchase transaction at a future time. It is expected that over the next few years, the property’s occupancy and income will improve along with the overall economy, and the availability of financing will return to more normal market conditions.
Bancap Self Storage Group is the “#1 Self Storage Broker in California” with over $850 million in completed self storage sales, including many lender-owned properties, portfolio sales, and a record setting single-property sale at over $31 million. For more information contact Bancap Self Storage Group at (949) 888-5355 or visit the company web site at www.bancapselfstorage.com
Adobe Self Storage is approximately 75,000 net rentable square feet demised into over 600 units, including some climate-controlled units, on just over four acres of land. The single story project was originally constructed in 2002 and was expanded in late 2006 to its current size. The project was constructed of block perimeter walls around the exterior of the property with metal partitions, roofs and doors. Additionally, there is a two-story frame and stucco building which serves as the rental office and manager’s residence.
The property had originally gone under contract in 2008 and was set to close in the late fall, just as the overall economy and market started to dramatically sink. Although the deal was on the brink of termination, Keller found a creative way to restructure the deal that served the needs of all parties involved. Instead of an outright sale at this time, the new operators have obtained a leasehold interest in the property and have purchased the right to complete the purchase transaction at a future time. It is expected that over the next few years, the property’s occupancy and income will improve along with the overall economy, and the availability of financing will return to more normal market conditions.
Bancap Self Storage Group is the “#1 Self Storage Broker in California” with over $850 million in completed self storage sales, including many lender-owned properties, portfolio sales, and a record setting single-property sale at over $31 million. For more information contact Bancap Self Storage Group at (949) 888-5355 or visit the company web site at www.bancapselfstorage.com
Tuesday, July 7, 2009
The First Posting
Okay, here it is - the very first post on the the Self Storage Broker blog.
I have to admit I am not exactly sure how I will use this tool, but I expect it will evolve over time to have some interesting or valuable information for people that own and/or want to own self storage properties. Give me some time and please check back occasionally to see what's going on here.
Thanks!
I have to admit I am not exactly sure how I will use this tool, but I expect it will evolve over time to have some interesting or valuable information for people that own and/or want to own self storage properties. Give me some time and please check back occasionally to see what's going on here.
Thanks!
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