Merit Hill Capital Buys SoCal Storage Facility
The facility comprises 13 buildings totaling 609 units.
Merit Hill Capital has acquired Lake Elsinore Mini Storage, an 82,734-square-foot self storage facility in Lake Elsinore, Calif., for $20.3 million, according to Riverside County records. The seller was a California-based LLC. The property was subject to a $2.4 million loan in 2021, originated by First Western Bank, Yardi Matrix data shows.
Investment Associate Keith Phillips and Senior Vice President Adam Schlosser of Marcus & Millichap represented the seller.
Operating since 1987 and completed in 2002, the facility spans 4.9 acres and comprises 13 buildings and 609 storage units. Property amenities include security cameras with security monitor feed, perimeter fencing, digital gate access and on-site managers quarters.
Located at 29151 Riverside Drive, the facility is close to Interstate 15 and The Home Depot, Target and the Outlets at Lake Elsinore. The property is also roughly 30 miles from downtown Riverside and is situated between traveled thoroughfares with vehicles exceeding 155,000 cars per day. There are six storage facilities within a 3-mile radius, offering residents 10.7 net rentable square feet per capita.
According to a Yardi Matrix report, the self storage sector had a good start in 2022, with a positive annual street rate performance. Factors such as migration and working from home due to the pandemic have contributed to a demand for this sector.