Harvest Properties Buys 919-Unit Bay Area Facility
The self storage property came online earlier this year.
Bay Area-based Harvest Properties Inc. has acquired Vallejo Self Storage, a 919-unit facility in Vallejo, Calif. Taylor Theus Holdings LLC, in a joint venture with Iron Point Partners LLC, sold the asset.
JLL brokered the deal on behalf of the seller and procured the buyer. The property now operates under the Extra Space Storage brand, according to Yardi Matrix information.
The self storage facility in Vallejo came online earlier this year at 384 Fairgrounds Drive, just off Interstate 80. The property features climate-controlled units ranging from 25 to 300 square feet across two three-story storage buildings totaling 76,288 rentable square feet. The facility also includes a two-story building that houses an on-site manager’s office.
JLL Capital Markets Senior Managing Director Brian Somoza and Director Taylor Gimian led the sales and advisory team that brokered the deal.
The property is one of 13 storage facilities available within a 3-mile radius, providing residents 7.4 rentable square feet per capita. As of April, there were six such projects under construction in the Bay Area, set to add about 469,100 rentable square feet upon completion, the same data provider shows.
