Marina U-Store in Marina, Calif., was sold to a private investor for $3.2 million. The facility, 475 Reservation Road, was constructed in 1978. The facility is on about a half-acre of land in Monterey County. The 31,988-square-foot building offers a variety of drive-up units and a managers apartment. At the time of the sale, the facility was more than 85 percent occupied.
Jason Allen and Carl Touhey at Performance Self Storage Group in Emerald Hills, Calif., represented the buyer. The company specializes solely in self-storage brokerage, marketing and consulting for storage owners throughout California.
The self-storage investment market has become incredibly active and flush with cash, as investors are pulling funds out of the stock market and their savings account earning little to no return, Allen said. Buyers are attracted to the high returns, low risk and the diversity self-storage has to offer. This has created a huge demand for quality self-storage assets.
Sources:
- CoStar Group: Marina U-Store Spends $3.2M on Self Storage Facility