Renters of storage units at 28111 Kelly Johnson Parkway in the Rye Canyon Business Park will need to start making their monthly checks payable to somebody else.
The Keep It Self Storage facility has been sold to rival Public Storage, which plans to rebrand the property in its own name.
Storage property broker Dean Keller of Bancap Self Storage Group Inc. in Rancho Santa Margarita didn’t disclose the sale price, but the industry publication Inside Self Storage, or ISS, estimated it at a minimum of $13.5 million, based on a list price of more than $130 per net square foot.
It was part of an all-cash, two-property deal valued in excess of $25 million.
According to Bancap, the Valencia storage property opened in 2009 and was only about 70 percent occupied at the time of sale. It contains 104,000 net square feet of self-storage space divided into roughly 1,000 units, with another 43 exterior RV storage spaces.
Public Storage is a Glendale-based real estate investment trust with interests in more than 2,000 self-storage facilities in 38 states, plus 189 facilities in seven European countries. It owns three other facilities the Santa Clarita Valley in addition to its new Kelly Johnson Parkway location.