Trojan Lands $130M Financing for Self Storage Portfolio
Gantry secured the loan for the deal through AIG Insurance Co.
Trojan Storage has landed $130 million of permanent financing for six self storage properties, totaling almost 600,000 rentable square feet in California, Oregon, and Washington. The portfolio includes three recently completed properties in Commerce, Glendale and San Jose, Calif.; and three properties acquired in 2021 in Salinas, Calif.; Portland, Ore.; and Vancouver, Wash.
Principal Andy Bratt and Senior Director Amit Tyagi of Gantry secured a 10-year, mid-3 percent rate interest-only loan with a transitioning 30-year amortization schedule. AIG Insurance Co. provided the financing, Yardi Matrix data shows.
In July last year, Gantry worked on behalf of Trojan Storage, Nova Storage and StorAmerica and secured another $120 million in financing for the construction and repositioning and stabilization of nine storage assets across four states.
Last year, the company paid $14.5 million for the Salinas storage asset, according to Yardi Matrix data. The Portland and Vancouver assets were sold by North Beach Properties for a combined price of $7.9 million, the same data provider shows.
Trojan’s portfolio breakdown
The biggest property in the portfolio, Trojan Storage Glendale was completed this year and comprises a 231,281-square-foot building with climate-controlled units, ranging from 25 to 330 square feet. Located at 620 West Elk Ave., the facility is one of the 16 available within a 3-mile radius, offering residents 5.9 net rentable square feet per capita, below the 7.1 national average. The portfolio also includes:
- A 2021-built facility, encompassing 136,923 square feet located at 1025 Know Ave. in San Jose, Calif.
- A 156,203-square-foot asset located at 6200 Garfield Ave. in Commerce, Calif., completed this year.
- Trojan Storage of Salinas Blanco, a property located at 940 E. Blanco Road, which comprises 91,163 square feet.
- A facility located at 5820 N.E. Eighth Court in Vancouver, Wash., which comprises 68,590 square feet.
- A 54,967-square-foot asset located at 8436 N.E. Marx Drive in Portland, Ore.
Most of the properties are situated in underpenetrated areas, with net rentable square feet below the national average. The only two facilities located in largely penetrated areas are the Salinas and Portland ones, offering residents 7.7 and 12.5 net rentable square feet, respectively.