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8/01/25
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Gelt Venture Partners has acquired a 678-unit self-storage property in Napa, CA. The property, formerly known as Southgate Mini Storage, will be rebranded as Public Storage under the new ownership. The deal has been reported to be worth around $17 mil by the Napa Valley Register.
The property, located at 1025 Golden Gate Dr, consists of 653 drive-up, non-climate-controlled units, 23 RV parking spaces, a house, manager’s apartment, and site office. The property was built in 1975 and has a total of 18 single-story buildings consisting of 72.4k sf spread across 4.27 acres.
Storage unit sizes range from 50 sf to 360 sf with an average size of 106 sf. The well-maintained property is approximately 90% occupied and features security cameras and perimeter fencing. It is situated off Highway 29.
“Gelt identified this asset as a rare opportunity to create value by improving operational efficiencies and bringing rents to market rates,” said Keith Wasserman, Partner with Gelt Ventures. “This property is surrounded by an affluent demographic in a narrow infill location bordered by vineyards and hills to the east and west which also limits competition from new supply.”
Matthews Real Estate Investment Services represented the seller, a Napa-based private, family-owned developer/operator in the transaction. Gelt was self-represented.
Gelt has named Public Storage, a company with more than 50 years of storage- operating experience and multiple assets managed in Northern California, to handle operations of the property.
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