Rancho Santa Margarita, CA (PRWEB) September 7, 2007
At nearly $31,500,000, it's the most expensive storage facility ever sold! Today, Bancap Self Storage Group, Inc. announced the successful sale of Baffin Bay Self Storage located at 25650 Baffin Bay Drive in the city of Lake Forest, Orange County, California. The project received numerous offers and ultimately sold for more than its $31 million listing price. This amount represents the highest value ever attained for a single self storage property.
Dean L. Keller, President of Bancap Self Storage Group, represented both buyer and seller in the transaction. The seller was an Oregon based private party and the purchaser was an affiliate of U.S. Advisors of Ladera Ranch, California - a fast growing self storage owner with multiple properties throughout the country.
Located on over 10 acres of land, Baffin Bay Self Storage is a highly desirable self storage project with direct access to two levels using a ramped design that fits the contours of the site. The property has over 103,000 net square feet of self storage space demised into nearly 900 self storage units. Additionally, the property has over 420 RV/Boat parking spaces, including over 200 covered and fire-sprinkler protected RV spaces. Occupancy at the property is consistently over 90% - considered full by self storage standards.
Keller said, "This is one of those rare storage properties that has everything going for it -- great location in a strong and growing market, new construction with terrific design and visibility, high occupancy and fast growing income stream that promises to do even better in the future!"
The Class A buildings are constructed of concrete block with metal, including all metal roofs, partitions, interior walls and doors. Interior hallways are wide and inviting with skylights and a music system. Other amenities of the property include a large and attractive 1,400 sq. ft. rental office building, individual door alarms and security cameras with a visible monitoring system in the office and a waste dump station for RV tenants. Operations of the property are controlled using an electronic access gate and an on-site computer with self storage management software.
"This is definitely a trophy property," said Keller "but what really excited potential buyers was the expected growth of up to 15,000 new homes in the surrounding area and the displacement of hundreds of competing RV storage units expected to be converted into other uses in the coming years." The property is located near the former El Toro Marine Base where Lennar Homes has submitted plans to develop 9,500 new homes. Additionally, the City of Lake Forest is working to re-zone land, previously restricted by the base's air traffic, for future residential development.
Bancap Self Storage Group, Inc. is the "#1 Self Storage Broker in California" with a proven track record of over 20 years of specializing exclusively in self storage investment properties. The firm has completed over $800 million in self storage sales transactions. For more information contact Bancap Self Storage Group at (949) 888-5355 or http://www.bancapselfstorage.com