Colliers Pays $25M for Central Valley Storage Facility
The 2004-built asset comprises 625 storage units.
Northwest Building LLC, an affiliate of Colliers International, has acquired Hammer Lane Self Storage, a 109,800-net-rentable-square-foot facility in Stockton, Calif., for $25 million. Hammer Lane LLC, of House Properties, sold the asset.
Senior Vice President Tom de Jong and Transaction Coordinator Dana Chobor of Colliers’ Self Storage Group procured the buyer and represented the seller.
Completed in 2004, the facility comprises seven buildings with 99 parking spaces and 526 climate-controlled units, ranging from 50 to 360 square feet. Property amenities include a manager’s office, drive-up access, security features, as well as RV and boat parking.
Located at 6220 Sampson Road, it is one of the 16 available facilities within a 3-mile radius, offering residents 9.4 net rentable square feet per capita, slightly above the 7 national average. Overall, there are 34 storage facilities in Stockton, totaling 2.4 million square feet, and two other planned properties will add approximately 208,350 square feet to the inventory, Yardi Matrix data shows.
The sale marks the fourth Collier’s transaction with Northwest Building, which owns more than 15 properties across Washington, Oregon and California. Last year, Tom de Jong brokered another storage sale, representing Trailblazer Development which sold a 950-unit facility in Tigard, Ore., to Red Hat Enterprises for $20 million.