San Jose, CA, November 25, 2016 --(PR.com
)-- Tom de Jong, of Colliers International, represented the seller of two self storage properties in Northern California. Modesto Self Store-It and Manteca Self Store-It were part of a multi-property disposition for a local, family owned operation. Modesto Self Store-It was 98% occupied at time of close and consisted of 111 units plus 9 parking spaces in 17,840 net rentable square feet. The Buyer, Don Pensotti, is a first time storage buyer and local appraiser who plans to add additional portable storage units. Based on most recent trailing twelve months adjusted income, the sale represented a Cap Rate of approximately 5.6%.
Manteca Self Store-It, located approximately 20 miles northwest of Modesto, was 97% occupied at time of close and consisted of 497 units in 53,250 net rentable square feet. Additionally, the property was a U-Haul dealer. The buyers, Storage Solutions, plan to add an additional 4,000 SF of portable storage units. Based on most recent trailing twelve months adjusted income, the sale represented a Cap Rate of approximately 5.4%.
Tom de Jong is the Argus Self Storage Sales Network broker affiliate for Northern California. He can be reached at 408-282-3829. Based in Denver, Colorado, the Argus Self Storage Sales Network (ASSSN) was formed in 1994 to assist owners and investors of self-storage with their real estate needs. Through the years, Argus has assembled a network of real estate brokers experienced in self-storage and income property investments. Now the largest self-storage brokerage network in the United States, the ASSSN has 38 Broker Affiliates covering nearly 40 markets and a total self storage transaction history of over $2 Billion. These brokers are able to meet the needs of self storage investors and owners whether it is acting as a buyer’s agent or listing and marketing a property. For more information call 1-800-55-STORE or visit www.argus-selfstorage.com.