Winter Garden, FL-based iStorage has purchased the self-storage facility at 4050 19th Ave. in San Francisco, CA, for $9.8 million. The 800-unit facility is in the city’s Ingleside neighborhood.
Dean Keller of Bancap Self Storage Group brokered the deal.
“This is another example of the excellent time for both self-storage buyers and sellers, as we are seeing historically high prices and low cost of funds in virtually all markets of California and nationwide,” Keller said.
The deal involved the assumption of an existing mortgage on the property, which was issued in February 2013 for $6.4 million. The previous owner was a local LLC.
Morningstar Properties purchased the 95,000-square-foot self-storage facility at 6826 Alamo Parkway in San Antonio, TX, for $6.95 million, according to local property records.
The facility, which operated as Blue Llama Storage, was sold by AC Storage LLC. The facility opened in 2015.
“This brand new and very crisp facility, fittingly named Morningstar of Alamo Ranch, is well situated to serve this very dynamic growth area anchored by the Alamo Ranch master-planned development,” said Dave Benson, president of Matthews, NC-based Morningstar.
Benson said San Antonio is a strategic market for Morningstar. Last October, Morningstar bought five facilities in the San Antonio and Austin areas from Blue Llama for more than $30 million. Morningstar said it plans to buy more facilities in the those two markets during the remainder of 2015.
An affiliate of Mount Pleasant, SC-based real estate firm Ziff Properties purchased Blue Water Storage at 9119 Merrill Road in Jacksonville, FL, for $8.6 million, according to local property records.
The facility was built in 1990 and renovated in 2008. It features 80,734 square feet and 772 units. The property also features 45,135 square feet of retail occupied by Big Lots and the Salvation Army. The property was sold by an affiliate of fund manager Castlelake.
Michael Mele of Marcus & Millichap arranged the deal.
Additional Storage of Palm Bay
The former Additional Storage of Palm Bay facility at 270 Malabar Road in Palm Bay, FL, was sold to an unidentified investment company in the Northeast for $11 million.
Extra Space Storage now manages the 122,690-square-foot facility. Michael Mele and Luke Elliott of Marcus & Millichap arranged the deal. The seller was a local company.
The facility was built in 2000 and expanded in 2006.
“While Palm Bay is very much a tertiary market, the sellers built an institutional-quality facility for which we were able to get them an institutional price,” Elliott said.
Other notable deals
- A local investor purchased A-Secured Self & Vehicle Storage at 550 N. Power Road in Mesa, AZ, for $5.4 million. The 139,955-square-foot facility features 356 drive-up storage units, and 355 boat and RV parking spaces. Jeff Gorden of Eagle Commercial Realty Services brokered the deal.
- Aurora, CO-based In Self Storage 1 LLC purchased the 23,000-square-foot storage facility at 11836 Des Moines Memorial Drive South in Seattle, WA, for $1.8 million. The seller was Lock Tight Storage LLC.
- Barbara Cavalieri purchased the 31,771-square-foot facility at 10405 Soquel Drive in Aptos, CA, for $3 million. The facility operated as Rob Roy Mini Storage. The seller was a family trust. Carl Touhey of Performance Storage Group arranged the deal.
- New York City, NY-based Guardian Property Group LLC purchased the former Keep Safe Storage complex at 29127 Cortez Blvd. in Brooksville, FL, for $840,000. Guardian owns the nearby ABCD Econo Storage at 26367 Cortez Blvd.; the purchased facility will be rebranded under that name. York, PA-based Storage Asset Management operates the facilities.