Andover Properties has acquired a 148,900-square-foot self storage facility in Santa Rosa, Calif. The property is set to be rebranded under the new owner’s Storage King USA brand.
According to Yardi Matrix data, Merit Hill Capital sold the property, which previously operated as an Extra Space Storage. The asset last changed hands in 2019 when it commanded $14.5 million, the same data provider shows.
The facility was built in phases. In 1996, 13 buildings were completed, while in 2004, four more were added. Spanning 8.8 acres, the property’s units range between 25 and 912 square feet. On-site facilities include RV and boat storage options, drive-up access, video surveillance, expansive driveway for 18-wheeler accessibility and gated access.
Located at 2868 Dutton Meadow, the property sits in the North Bay region, 3.5 miles from Santa Rosa and 54 miles from San Francisco, with access to Redwood Highway. The facility is one of the 16 available within a 3-mile radius, offering residents 14.9 rentable square feet per capita. Currently, there are 16 properties in various stages of development in the San Francisco market, set to add approximately 1 million rentable square feet to the existing inventory, according to Yardi Matrix data.
At the time of the transaction, Andover Properties’ Storage King USA portfolio included a total of 147 facilities across 18 states. The company recently entered the Oklahoma storage market, with the acquisition of a 90,500-square-foot facility, and also purchased a 2,199-unit portfolio in the greater Houston area.