Bancap Self Storage Group, Inc., the “#1 Self-Storage Broker in California,” recently completed the successful sale of A-1 Sierra Storage in the city of Santa Clarita, California, for $2 million.
Dean Keller, the firm’s president, was the exclusive listing agent and sole broker of the transaction. Although many regional chains and local operators expressed interest in the facility, the ultimate buyer was a newly formed LLC sponsored by a Southern California-based sponsor operating as a super storage enterprise with a successful track record of owning and operating properties under the radar of the national firms.
A-1 Sierra Storage is a first-generation, single-story self-storage facility located in the Canyon Country area of Santa Clarita. The property has more than 37,000 net rentable square feet of storage space demised into nearly 400 units.
Family-owned and operated since it first opened in 1982, the property consists primarily of custom converted storage containers. The property drive aisles are all gravel. Although the parcel is approximately six acres, due to mountain terrain and a flood channel, less than half the land is actually usable. The facility is fenced with a manually controlled gate. Also, zoning had changed since the original development making the storage facility a legal non-conforming use.
The buyer intends to re-brand the property as a super-storage facility and make changes in marketing and operations which it believes will result in significant increases in cash flow and value.
“This was one of those deals that everyone says they want, but few are ever able to actually buy – especially in Southern California,” Keller said. “With a strong Los Angeles County market location, no professional management, no computerized operations and significant upside potential, I expect the buyer to do very well with this property.”
Bancap Self Storage Group is one of the top self-storage specialist brokers in the industry with a track record of more than $1.35 billion in completed self-storage sales. The company has specialized exclusively in self-storage properties for more than 30 years. Dean Keller, the president, is currently the Chairman Emeritus of the California Self Storage Association Board of Directors and a member of the Board of Governors for the National Self Storage Association Foundation.
For more information about this transaction, contact Bancap Self Storage Group at 949-715-2233 or visit the company website at www.bancapselfstorage.com.