A private limited-liability company managed by Florida-based self-storage operator iStorage has acquired Concord Self Storage in Concord, Calif., for $24 million. The single-story property at 1597 Market St. encompasses more than 155,000 net rentable square feet in more than 1,300 units and vehicle-storage spaces on 8.5 acres of land, according to a press release from Bancap Self Storage Group Inc., the commercial real estate firm that brokered the deal.
Situated on a half-mile of frontage along State Route 242, the facility was developed in three phases from 1988 to 1998. Amenities include electronic gate access, individual door alarms and video cameras.
Bancap President Dean Keller represented the buyer as well as the seller, a private-investment partnership that originally developed the property, in the transaction. The property sold on a “cash to new loan” basis, according to the release.
“We had a lot of interest in this property,” said Wally Slough, managing general partner for the seller.
California-based Bancap has completed more than $1 billion in self-storage sales, including independently owned properties, mid-sized chains and portfolios.
Based in Winter Garden, Fla., and founded by CEO Chris Miller in 2010, iStorage operates 60 self-storage facilities throughout Alabama, Arizona, California, Florida, Georgia, Minnesota, Nevada, New Jersey, Ohio, Pennsylvania and Virginia. The company secured a $50 million revolving line of credit in September as part of a total debit recapitalization, intending to use some of the money to fund expansion. The company acquired Coliseum Self Storage in Oakland, Calif., for $7 million earlier this month.
