Real estate developer Hudson Industrial Equities Inc. has acquired Automall Parkway Self Storage in Fremont, Calif., for $5.5 million. Built in 1998, the property at 43941 Osgood Road features three two-story buildings and comprises 683 storage units, according to the source.
The facility is near Interstates 680 and 880 and features coded gate access, individual door alarms and video cameras. It was 98 percent occupied at the time of purchase, according to Berkadia, the commercial real estate company that arranged financing on behalf of the buyer.
The 30-year loan has a 10-year fixed interest rate of 4.4 percent and a loan-to-value ratio of 60 percent, the source reported.
Founded 27 years ago, Hudson Industrial Equities specializes in the construction, development and management of residential and commercial real estate including self-storage. The majority of its projects have been in Northern California, but the company also has had developments in Texas and Washington, according to its website.
Sources:
- Automall Parkway Self Storage: Website
- Commercial Property Executive: Berkadia Finds Financing for Fremont Asset
