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7/19/18
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A private, high net worth family seeking to expand its portfolio purchased two institutional quality self-storage facilities in Silicon Valley’s Los Gatos submarket. The price was not disclosed.
The two facilities, located at 688 University Ave and 17443 Farley Road West, are situated less than half a mile apart and within two miles of two primary Bay Area thoroughfares: SR-17 and SR-85.
The Stor’ It Los Gatos facilities were constructed in 1999 and 2005 and include a mixture of climate-controlled and standard units ranging from 25 sf to 300 sf across 45.3k sf. With a total of 785 self-storage units, the current square-foot occupancy is at 84%.
The facilities are in close proximity to major economic drivers including the Netflix Headquarters, the city’s largest employer. Los Gatos prides itself on maintaining a high quality of life for its residents in a business-friendly environment with a variety of shopping, dining and entertainment options.
Adam Levin with Levin Johnston and Jacob Becher with Marcus & Millichap represented the buyer and the seller, a private high net worth individual, in the transaction.
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