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October 23, 2018
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Investors Snap Up Bay Area Self-Storage Facilities

10/09/18

Two institutional quality self-storage facilities encompassing 1,154 units in the Bay Area sold in recent transactions with a combined value of $27.8 mil. The proeprties are located in Sunnyvale and Fremont.

In one of the deals, a multifamily investor paid $15.5 mil for Lock It Up Self-Storage, a 517-unit self-storage facility in Sunnyvale. Built in 1987, the facility is 44.8k sf in size and is currently 97%. The property is located at 220 West Ahwanee Ave.

In the other transaction, a high-net worth individual paid $12.3 mil for a 637-unit Lock It Up Self-Storage facility in Fremont. Constructed in 1986, the property is 94% occupied and situated close to Silicon Valley within the San Francisco/Oakland/Fremont MSA. Offering a total of 54.6k sf, the property also features six RV parking spaces. It is located at 38491 Fremont Blvd.

Adam Levin of Levin Johnston and Jacob Becher with Marcus & Millichap represented the seller, Lock It Up Self-Storage, as well as the buyer in each transaction.

“These sales are a prime example of increased investor interest in self-storage product throughout the Bay Area,” says Levin. “The strength of the local multifamily market is a core driver in this investment demand, as smaller average apartment sizes contribute to increased consumer demand for storage space. In addition, national trends such as retirement, downsizing of baby boomers, and millennial consumer preferences will only strengthen in the years ahead, providing a positive long-term value opportunity for owners of self-storage product.”





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