Sold! Gelt sells 677-unit self-storage asset in Pasadena

Bruce Goldberg
December 8, 2023

Gelt Ventures announced the sale of South Pasadena Storage, a 677-unit self-storage facility in South Pasadena, CA for an undisclosed price to an institutional buyer. The six-building property includes 642 indoor storage units, 34 outdoor rental spaces, a live/work unit plus a site office. The building went up in 1986 on a 1.81-acre site at 919 Mission St.

Gelt Ventures, a Los Angeles-based real estate investment and asset management firm, purchased South Pasadena Storage in 2018.

The sale of the asset marks Gelt’s first disposition in the self-storage sector.

Gelt Ventures acquired South Pasadena Storage in 2018 in a time of compressed cap rates, and we sold this asset during a substantially elevated interest rate environment. Despite the timing, the investment delivered industry-leading returns to our investors as a result of the heavy NOI lift and substantive value-add during our hold period,” said Kartikeya Kejriwal, director of Self Storage at Gelt.

Gelt is targeting the acquisition of up to one million square-feet of self-storage facilities over the next two years, according to Kejriwal. Adam Schlosser, Chico LeClaire and Keith Phillips of Marcus & Millichap represented the seller and the buyer was self-represented.

Source: Gelt Ventures

Michael Morrison of Midcoast Properties Inc. represented the seller in the sale of A-Z Storage at 175 Fowler-Freeman Road in Danielsville, GA. It has 211 drive-up and climate-controlled units with 27,90 RSF on 3.88 acres. Danielsville is 15 miles form Athens, GA, home of the University of Georgia. Midcoast offers services in Alabama, Georgia, North Carlina and South Carolina. Source: Midcoast Properties

Marcus & Millichap

The LeClaire-Schlosser Group of Marcus & Millichap announced the sale of Hidden Island RV & Boat Storage, 3955 South Taft Hill Road in Fort Collins, CO. It has 180 spaces. Thomas Parsons and Adam Schlosser, storage investment specialists in Marcus & Millichap’s Denver, CO office, had the listing. They also found the buyer, who is a local private owner and an affiliate of Ivywild Capital. Ivywild is a Colorado-based boutique private equity firm focused on storage investments. Hidden Island has one single-story building with 32 inside parking units with individual garage style doors. The rest of the facility has 148 open parking units on a gravel service. Source: Marcus & Millichap

Marcus & Millichap announced the sale of Superior Self Storage of Rockford, IL. The 31,210-square-foot self-storage property is at 1711 York Ave. It has 204 on-climate-controlled units, plus an on-site manager’s office residence, four rental apartments and one single-family residence. Sean M. Delaney had the listing and also found the buyer. Both the buyer and seller are LLCs. The property also has expansion on about 3 vacant acres. Source: RE Journals

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