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7/02/20
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Watling Street LLC, a California-based self-storage investment company, paid $4.6 mil for a seven-building self-storage facility in North Las Vegas. The property was sold by Piclane, LLC, a Nevada-based limited liability company.
RDN Mini Storage, located at 725 West Washburn Road, is a 36.5k sf property consisting of 304 units ranging in size from 5'x5’ to 20’x50’. Sitting on 2.57 acres, the facility consists of seven single-story buildings of stucco construction equipped with rolled asphalt roofs and metal roll up doors.
The property features 24-hour video surveillance cameras and easy access in a clean and well-lit facility. It provides great visibility and signage with approximately 7,500 vehicles per day passing by the facility.
CBRE’s Nick Walker, Walter Brauer and Trevor Roberts represented the seller in the deal.
“Self-storage properties with consistent cash flow remain a focus for real estate investors, including those who normally have not invested in self-storage but are attracted to this sector because of its current and historical consistency of stable returns,” said Brauer.
“The surrounding area of this property has excellent demographics with a population of 359,762 within a five-mile radius, providing a consistent demand for this facility,” added Walker. “We are continuing to see strong investor demand for self-storage properties in areas that have a proven population-growth track record.”
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