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5/09/25
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Harvest Properties, in a joint venture with New York Life Real Estate Investors, has acquired self-storage facilities in Vallejo and Sonoma in two separate transactions totaling at $44.2 mil. With these deals, Harvest’s self-storage portfolio in the Bay Area is now at 1,435 units.
One of the acquisitions, Best Self Storage Sonoma is an 80k sf, drive-up facility offering 516 units with an average unit size of 155 sf that was purchased in an off-market transaction. It is located at the intersection of 155 Fremont Dr and Mafei Rd, one of the highest trafficked intersections in Sonoma with approximately 22,000 vehicles passing by the facility each day.
Vallejo Self-Storage - 384 Fairgrounds Dr, Vallejo |
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The other acquisition, Vallejo Self Storage, is a newly constructed 76k sf property that features 919 units, all of which are 100% climate-controlled, one of two climate-controlled assets in the Vallejo submarket. In a market characterized by older obsolete product, it is the first self-storage facility to be built in Vallejo in two decades. Located at 384 Fairgrounds Dr, Vallejo Self Storage benefits from 500 feet of frontage along I-80 providing exceptional visibility, high-identity, and convenient access from the nearby Redwood Street on/off ramp. The seller was represented by JLL Capital Markets in the deal.
The Harvest-led joint venture has engaged Extra Space, the largest third-party self-storage management company in the country, to manage both properties.
“Demand fundamentals continue to improve as high housing costs, urban housing’s limited garage/storage space, and a growing renter population have all led to growth in the sector,” said Harvest Partner Preston O’Connell. “Investment in self-storage assets have low future capital requirements and offer an operationally lean model with high margins and relatively low maintenance costs compared to other asset classes.”
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