CubeSmart Facility Trades in California’s Central Valley
Hix Snedeker Cos. sold the 457-unit property.
A private owner has acquired a 48,450-square-foot, CubeSmart-managed self storage property in Ridgecrest, Calif. Hix Snedeker Cos. sold the asset for $5.7 million, according to Kern County records.
The building was a former Walmart Center, originally built in 1991. The redeveloped facility was subject to a $2.2 million construction loan in 2020, originated by Trustmark National Bank, Yardi Matrix data shows. The project was completed in 2022.
Investment Associate Dean Trammell and Senior Managing Director Adam Schlosser with The LeClaire-Schlosser Group of Marcus & Millichap represented the seller and secured the buyer. First Vice President Jim Markel served as broker of record.
The one-story building sits on 11 acres and offers 457 climate-controlled units, ranging between 25 and 300 square feet. Amenities include video surveillance, on-site management, drive-up access, contactless renting, gated access outdoor parking and moving supplies.
Located at 909 S. China Lake Blvd., the property provides easy access to U.S. routes 395 and 178. The facility is one of the five available within a 3-mile radius, offering residents 7 rentable square feet of storage space per capita.
As of January, 13 self storage properties totaling 965,236 square feet traded in the Central Valley market over a 12-month period. The market currently has nine storage facilities under construction, set to add 936,603 square feet to the existing inventory, Yardi Matrix data shows.
Acting as a hedge against economic headwinds, the self storage sector remains resilient and is expected to continue to perform well in the coming year.