Bay Area Storage Facility Sells for $20M
Levin Johnston represented the seller and procured the buyer.
The Storage Spot, a 57,047-square-foot facility in Fremont, Calif., has changed hands in a $20 million deal. Brad Management acquired the Class C asset from a private seller, financing the purchase with a $12.8 million loan from Axos Bank, according to Yardi Matrix data. Levin Johnston of Marcus & Millichap brokered the transaction.
The same data provider shows the previous owner sold the asset after 4 years of ownership. The 2018 sale had a $12.3 million price tag.
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Executive Managing Director Adam Levin of Levin Johnston represented the seller and procured the buyer in the current deal. In a prepared statement, Levin noted that the self storage sector will continue to benefit from the migration patterns that emerged from the long-term effects of the pandemic.
The only self storage facility in central Fremont
Completed in 1985, the property spans 2.9 acres and encompasses eight two-story buildings totaling 645 units, ranging from 25 to 300 square feet. On-site amenities include security features such as video surveillance and electronic gate access, aisles that accommodate large moving trucks, RV and boat parking. Extra Space Storage manages the facility.
Situated two blocks from Interstate 880 at 38491 Fremont Blvd., The Storage Spot is in central Fremont, roughly 18 miles from San Jose and 38 miles from San Francisco. The property is one of the 13 self storage facilities available within a 3-mile radius, offering residents 3.8 net rentable square feet per capita.
Some 328,000 square feet of self storage space were under construction in the East Bay Area as of July, with another 1.2 million square feet in the planning and prospective stages, according to Yardi Matrix data. The market’s inventory totaled roughly 20.2 million square feet.