Marcus & Millichap Closes on 79KSF SoCal Self-Storage Facility
- Apr 07, 2017
Marcus & Millichap arranged the sale of Palmdale Self Storage, a 78,630-net-rentable square-foot self-storage facility in Palmdale, Calif. The 268 climate controlled units and 358 non-climate controlled units range from 25 square feet to 300 square feet.
Located at 3305 East Palmdale Blvd., just off Route 14 in a submarket in Los Angeles County, the 2005 facility is close to Palmdate High School and several shopping centers. According to Property Shark data, American Self Storage of Palmdale LLC purchased the property in 2013 for $2.4 million. The property is in an area with a population of around 74,000 people.
Luke Elliott, vice president of investments, Devin Beasley, investment associate and Michael Mele, senior managing director investments of The Mele Group in Marcus & Millichap’s Tampa and Phoenix offices, had exclusive listing rights for the 626-unit facility on behalf of the seller, a private investor. The team also secured the buyer, a private investor, and were assisted by Marcus & Millichap’s California Broker of Record Kent Williams.
“We continue to see strong interest from private clients and Wall Street funded investors. This transaction was interesting as we are seeing significant interest from East Coast buyers looking to migrate capital from east to west,” said Elliott in prepared remarks.
Image via Google Earth