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11/11/15
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Westar Associates has refinanced Crossroads Self-Storage, a 751-unit self-storage facility in Santa Maria, with a new $6.8 mil loan. The property offers 36 different unit sizes ranging from 25 sf to 600 sf.
Crossroads Self-Storage is located at 650 Southside Pkwy, south of Betteravia Rd and west of Hwy 101. It is adjacent to the Crossroads at Santa Maria, a 500k sf power center developed and owned by Westar Associates. Santa Maria is situated about one hour northwest of Santa Barbara.
Westar Associates developed the property in 2003 and maintains ownership. Crossroads Self-Storage is currently managed by Storage Etc, a large privately-owned company that specializes in the management of self-storage facilities.
Sharon Kline and Marina Massari of CBRE Capital Markets’ Debt & Structured Finance team arranged the 10-year loan, based on a 30-year amortization schedule. It was funded through Aegon USA Realty Advisors LLC.
“Located near more than 22,000 homes within a three-mile radius, we believe this property is the premier self-storage center located in Santa Maria,” said Kline. “The self-storage sector in California is as healthy as it has been in years due to its proven market resiliency, tight supply and consistently high levels of occupancy.”
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