Merit Hill Capital Expands Bay Area Footprint
Both purchased properties were previously under The Reeves Family Trust ownership.
Merit Hill Capital has expanded its Bay Area portfolio with the acquisition of two self storage properties in San Pablo, Calif., and Hayward, Calif. The assets are now under Extra Space Storage management.
The Reeves Family Trust sold the two properties with the help of The de Jong I Becher Self-Storage Team of Colliers, which included Executive Vice Presidents Tom de Jong and Jacob Becher.
The self storage sector is still facing difficulties due to economic hurdles and high interest rates. According to a recent Yardi Matrix report, advertised street rates have remained negative as of May, as the overall national advertised street rate per square foot fell to $16.44, a 4.5 percent decline compared to the average recorded last year.
The two Bay Area storage facilities
The 50,503-square-foot San Pablo Mini Storage came online in 1977 and includes 11 buildings spread on 2.5 acres. The facility features 522 non-climate-controlled units, ranging between 20 and 400 square feet. On-site amenities include video surveillance, drive-up and gated access. The property was 83.0 percent occupied at the time of the sale.
Located at 5310 Riverside Ave., just west of Interstate 80, San Pablo Mini Storage is 13 miles from downtown Oakland, Calif., and less than 20 miles from downtown San Francisco. The facility is one of the 18 available on a 3-mile radius, offering residents 8.4 rentable square feet per capita.
Completed in 1978, Cal Self Storage comprises 42,490 square feet across 11 buildings. The Hayward facility has 404 non-climate-controlled units, ranging between 20 and 352 square feet. Video surveillance, drive-up and gated access, as well as RV and boat parking are available on-site. The property was 95.8 percent occupied at the time of the sale.
Cal Self Storage occupies 2.3 acres at 26869 Mission Blvd., providing access to Highway 238 and Interstate 880. The location is 30 miles away from downtown San Francisco and San Jose, Calif. The facility is one of the 19 available on a 3-mile radius, offering residents 6.4 rentable square feet per capita.
