Laguna Beach, CA, January 29, 2015 --(PR.com
)-- Bancap Self Storage Group, Inc., the “#1 Self Storage Broker in California,” announced that it recently brokered the sale of Concord Self Storage located in San Francisco East Bay city of Concord, California. Dean Keller, the firm’s president, was the exclusive listing agent and sole broker of the transaction. The seller was a private investment partnership that originally developed the property. The buyer was a private limited liability company managed by iStorage – a fast growing national owner/operator of self storage properties.
Concord Self Storage is a well located, classically designed, single-story self storage property with nearly one half mile of freeway frontage on over 8.5 acres of land. The property has over 1,300 self storage units, plus exterior RV/car storage spaces, with over 155,000 net rentable square feet of buildings. The site was developed in three phases from 1988 through 1998. The facility also included amenities such as key-coded electronic gate access system, individual door alarms, and video surveillance cameras.
The property sold for $24 million on a “cash to new loan” basis. “We had a lot of interest in this property,” said Wally Slough, Managing General Partner for the seller, “but this buyer and broker were able to accommodate some complicated issues we had and structured a great transaction that really made sense for all of us.”
“This is truly a trophy property with great freeway frontage and visibility in a strong growing market,” Dean Keller, President of Bancap Self Storage Group, said, “it is a good time for independent owners to be selling as there are far more buyers than sellers and we are seeing historically high prices in virtually all markets of California and nationwide.”
Bancap Self Storage Group is the, “#1 Self Storage Broker in California” with over $1 billion in completed self storage sales, including independently owned properties, mid-sized chains, and numerous portfolio sales. For more information, contact Dean Keller at 949-715-2233 or visit the company website at http://www.bancapselfstorage.com