Gantry Secures $14M Refi for Self Storage Facility
The property in Orange County consists of 827 units.
Gantry has arranged a 10-year, fixed rate $14 million permanent loan to refinance an 827-unit self storage facility in Tustin, Calif. The property owner and manager is Websco Properties, according to Yardi Matrix information.
Websco Properties acquired the AAA Quality Self Storage facility in 2014 from a private individual, with the help of a $10.4 million CMBS loan originated by Starwood Capital Group, the same data provider shows.
Gantry’s Principals Branden Turnbull and Peter Welsh, together with Associate Austin Ridge and the company’s Los Angeles and Irvine offices represented the ownership in the deal.
One of seven AAA Quality Self Storage properties
The AAA Quality Self Storage facility in Tustin is a two-story building covering a 3-acre site. The gated facility has climate-controlled units between 25 to 400 square feet, as well as outdoor boat and RV storage.
The property is at 2681 Walnut Ave., near the Metrolink Orange County and the Inland Empire – Orange County light rail lines, which connect Tustin to Los Angeles and Riverside, some 36 miles north and northeast, respectively. The facility is also within 1 mile from Interstate 5 and California State Route 261. The self storage property in Tustin is one of the 22 available on a 3-mile radius, offering residents 10.4 rentable square feet per capita.
Websco owns six other AAA Quality self storage facilities, all in the state of California, in Lake Forest, Covina, Stanton, Norwalk, Sun Valley and Long Beach.
As of November, the Orange County market had nine planned self storage properties totaling more than 1 million rentable square feet. Nationwide, there were 3,341 facilities in all stages of development, out of which 804 were under construction, a recent report shows.
