San Diego Storage Asset Trades for $21M
- Dec 07, 2020
Frontera Real Estate has sold A Storage Place, a 92,000-square-foot property in Spring Valley, Calif. InSite Property Group acquired the facility for $20.5 million, according to San Diego County records. The new owner has renamed the property SecureSpace Self Storage Spring Valley.
Located at 11902 Campo Road, the property opened its doors in 2019 and encompasses four buildings. Two commercial tenants also occupy space at the site. The facility features 800 units ranging between 25 and 600 square feet. The new owner intends to add more than 200 units once the asset is stabilized, according to Jake McMillan, digital strategist at InSite Property Group. The store has climate-controlled units, an on-site manager, Wi-Fi, video monitoring and drive-up access.
The seller and developer acquired the 6-acre site for $2.6 million in January 2018 from Attisha Enterprises. Inwood National Bank originated an $8.1 million construction loan for the project, Yardi Matrix data shows.
The facility is close to Jamacha Junction, at the intersection of State Routes 54 and 94, which has a daily traffic count of more than 60,000 cars. Downtown San Diego is 14 miles west. Additionally, there are at least eight other self storage properties totaling some 600,000 square feet within a 3-mile radius, according to the same data provider.
Earlier this month, InSite Property Group opened a 71,000-square-foot facility in Los Angeles. The company financed the development with an $11.1 million loan from Valley National Bank.