Costa Mesa, California (PRWEB) May 24, 2012
May 22, 2012: Bancap Self Storage Group, Inc., the “#1 Self Storage Broker in California,” announced that it has successfully brokered the sale of the Newport Mesa Self Storage property located in the city of Costa Mesa, Orange County, California. Dean Keller, the firm’s president, was the exclusive listing agent for the property. In a first of its kind transaction for a local self-storage property, the sale was part of a major on-line auction on the Auction.com website. The sale was facilitated for the seller by special servicing company LNR Partners, LLC on behalf of the CMBS fund that had foreclosed on the property last year. It was operating as Storage Direct while being managed by Platinum Storage for the lender/owner. The property was bought by Amerco Real Estate Company which will re-brand the property as U-Haul Self Storage.
Newport Mesa Self Storage offers a combination of an excellent location and a strong rental market. “There have been very few storage properties available for sale in Southern California and especially in Orange County,” said Dean Keller, “This was a rare opportunity to purchase a well located facility in a very desirable market with significant upside potential.”
Newport Mesa Self Storage contains 37,870 net feet of self storage space divided into 480 units. The property sold for over $4.5 million (approximately $120 per net square foot) on an “all cash” basis with a 30 day escrow. Occupancy at the facility was about 60% at the time of sale. The three-story infill project is located on a frontage road with visibility alongside the busy 55 (Costa Mesa) Freeway. The property has good curb appeal and very good signage.
“There have only been a handful of foreclosed storage properties listed for sale in Southern California in the past few years and we have been the exclusive listing broker for most of them,” Keller said “There are plenty of buyers looking to “steal” lender owned properties, but we have been able to obtain very good prices for sellers – and always more than “direct offers” received from potential buyers or other brokers before our listing and marketing of the property. Self storage is such a unique property type and it takes a specialist with proven expertise and experience to maximize value for sellers in this unique property niche.”
Bancap Self Storage Group is the “#1 Self Storage Broker in California” with over $900 million in completed self storage sales, including many lender-owned “REO” properties, numerous portfolio sales, and a record setting single property sale at over $31 million. For more information contact Dean Keller at (949) 888-5355 or visit the company web site at http://www.bancapselfstorage.com