Hillsdale Self Storage in San Jose, Calif., sold for $4,850,000 to Extra Space Storage, a self-storage real estate investment trust. Located on Charter Park Drive, the multi-story facility has 33,318 net rentable square feet with 369 units. The facility was 95 percent occupied at the time of the sale.
Carl Touhey and Jason Jay Allen of Performance Self Storage Group (PSSG) represented the buyer and seller. This transaction was unique in the fact that Extra Space Storage had to deal with the daunting task of assuming a conduit loan, which took a considerable amount of time to accomplish, Touhey said. Todays self storage investors are lining up to buy assets similar to this in strong core markets throughout the country. They prefer the larger facilities to take advantage of the economies of scale, but this asset fit perfectly in Extra Spaces portfolio.
Performance Self Storage Group specializes in self-storage brokerage, marketing and consulting, and has offices in California and Florida.
Headquartered in Salt Lake City, Extra Space is a real estate investment trust (REIT) that owns or operates 882 self-storage properties in 34 states and Washington, D.C. The company's properties comprise approximately 585,000 units and 64 million square feet of rentable space, offering storage solutions including boat storage, RV storage and business storage.
