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3/03/08
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A 643-unit self-storage facility in Fresno was acquired by LA-based A-American Self Storage in a $5.1 mil transaction ($7.9k/unit). The property consists of 23 buildings and is located at 2455 N. Marks Ave, just west of Route 99.
Built in 2006, the property is situated on 4.76 acres and was 93 percent leased at the close of escrow. The site, which has excellent visibility and easy access, is located next to a new shopping center as well as a development planned for 8,200 homes. The site was originally an ice skating rink before being converted to climate-controlled storage units.
Peter Ingersoll, Managing Director for Sperry Van Ness / Pinnacle Realty Partners Inc in Benicia, represented the seller, Fresno-based CMSS I LP DBA Stor4Less. According to Ingersoll, the property sold at 98 percent of the appraised value.
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