Laguna Beach, CA, May 13, 2015 --(PR.com
)-- Bancap Self Storage Group and DTZ Marketing Property Together.
The Magellan Group announced that it has retained industry experts Dean Keller of Bancap Self Storage Group, Inc. and John Griffin of DTZ to market and sell the Muirlands Business Park and Magellan Storage property in Irvine, California.
Located at the corner of Muirlands Blvd. and Bake Parkway, the Muirlands Business Center portion of the property consists of over 50,000 net rentable square feet demised into 12 units. The Magellan Storage facility offers over 62,000 net rentable square feet of single-story drive-up access self storage units. In aggregate, the property contains over 112,500 net square feet on 8.9 acres.
“Muirlands Business Center & Magellan Storage in Irvine offer the investor a rare and unique opportunity to purchase a substantially leased facility in such a strong submarket with a diversified revenue base and additional upside potential,” said Dean Keller, President of Bancap Self Storage Group.
Built in 1981, the property is subject to a long-term ground lease with a remaining term of 50 years at close of escrow. The combined investment is expected to generate over $1.5 million of revenue in the first year, with a proforma net operating income of approximately $570,000.
The self storage facility is professionally managed by a well-respected storage operator and use of the “Magellan Storage” trade name and branding may continue if the buyer retains the existing management company.
“We selected Dean Keller and John Griffin because of their exceptional experience and reputation in the industry and in this local market,” said Kevin Staley of Magellan Group, Managing Member of the ownership entity.
The property is being offered for sale “unpriced” with a bid deadline of May 28, 2015.
Bancap Self Storage Group is one of the top self storage specialists in the industry with a track record of over $1.25 billion in completed self storage sales. The company has specialized exclusively in self storage properties for over 30 years.
DTZ is a global leader in commercial real estate services. It’s most recent predecessor Cassidy Turley merged with the global firm in 2015. The firm also recently announced its merger with Cushman & Wakefield and is set to become one of the largest global commercial real estate services companies.
For more information contact Bancap Self Storage Group at 949 715-2233 or visit the company web site at www.bancapselfstorage.com