The operator of Central Self Storage bought two facilities in San Jose, CA, for a combined $12.4 million. Walnut Creek, CA-based Pegasus Group closed on the deal April 8.
The company paid $8.35 million for the larger of the two properties, a 91,092-square-foot facility at 900 Lonus St. That facility has 998 units. Pegasus paid $4.07 million for the other facility, which features 57,409 square feet and 610 units. It is at 6880 Santa Theresa Blvd.
The seller was the Sobrato Family Foundation, an arm of Cupertino, CA-based real estate development company The Sobrato Organization.
Both facilities operated under Safe Place Storage brand name.
The acquisitions bring the total number of facilities that Central Self Storage operates in the San Jose market to four. Altogether, Pegasus owns and operates about 60 facilities in 11 states.
Last year, Pegasus entered into a joint venture agreement with the Arizona State Retirement System to spend hundreds of millions of dollars to buy self-storage facilities.
LifeStorage bought an 80,000-square-foot storage facility in Las Vegas for $4.2 million from West Flamingo Road LLC. The facility is at 9227 W. Flamingo Road.
Grant Traub and Chris Connell of Colliers International represented the seller, and Ryan Howse of Preston Matthews Real Estate Services represented the buyer.
LifeStorage operates 55 facilities in eight states.
U-Haul bought a 94,550-square-foot self-storage facility in North Las Vegas, NV, for $3.4 million from Lake Mead Property LLC.
The facility, at 3083 Lake Mead Blvd., operated under the Pic-N-Pac Storage brand name.
U-Haul also bought a 50,625-square-foot storage and retail building in Fernandina Beach, FL, for $3 million.
The facility, a 1830 S. Eighth St., has 38,533 square feet of storage in 262 units. The 23,820-square-foot retail building, formerly a Staples store, will accommodate portable moving containers.
The facility was sold by Wells Fargo Bank, which repossessed the property in July 2013.
Other notable deals
- Dallas-based Idyll Village LP bought a storage facility at 996 S. Beechwood Ave. in Fayetteville, AR, for $3.63 million. The seller was Eaton Properties LLC.
- Prime 259 Ushers LLC bought a storage facility at 259 Ushers Road in Saratoga County, NY, from 259 Ushers Road Self Storage for $2.5 million.
- The Tuchman Family Trust bought a 66,826-square-foot storage facility at 2455 Needles Highway in Laughlin, NV, from Dominick and Ximena Valenti for $3 million.
- Cleveland-based The Amsdell Companies, which operates Compass Self-Storage, bought a 63,000-square-foot facility at 1150 S. U.S. Highway 67 in Cedar Hill, TX, for an undisclosed price. The seller was Cedar Hill U-Stor LLC. The facility — Amsdell’s first location in Texas — will undergo about $100,000 in capital improvements.