Silicon Valley Storage Facilities Sell for $25M
- Jul 20, 2018
Levin Johnston of Marcus and Millichap has arranged the sale of two Stor’It self-storage facilities in Los Gatos, Calif., for $25 million. The agency worked together with Marcus & Millichap’s National Self Storage Group and negotiated the deal on behalf of both parties. The sale represents a record-high price for self-storage product in the region.
Located at 688 University Ave. and 17443 Farley Road W., the two properties are less than half a mile apart and are near freeways 9, 17 and 85. Additionally, the facilities are approximately 11 miles from downtown San Jose. The storage buildings are also close to economic drivers, such as the Netflix headquarters. Constructed in 1999 and 2005, the facilities offer a total of 785 storage units, ranging from 25 to 300 square feet.
“These two properties are located within a metropolitan area that has a population of two million, ranking as one of the largest in California,” said Adam Levin, senior managing director of Levin Johnston, in prepared remarks. “The city of Los Gatos is one of the wealthiest places in the nation, ensuring long-term demand and value for the buyer.”
The brokerage team included Levin and Jacob Becher, vice president of investments & associate member of National Self Storage Group at Marcus & Millichap.
Image courtesy of Levin Johnston