Insite Property Group Spends $29MM on Two Los Gatos Self-Storage Facilities

Los Gatos, Colliers, Stor’It of Los Gatos, Vasona Lake Storage, Insite Property Group

Two-Property Portfolio in Los Gatos, California, is comprised of more than 45,000 square feet of net rentable space and 544 self-storage units, with two drive-up units and 232 wine storage units

(EDITOR’S NOTE: According to public records reviewed by The Registry, the two properties sold for a combined $29 million. The property located at 17443 Farley Road sold for $21,625,000, and the property at 688 University Avenue recorded a price of $7,375,000.)

Los Gatos, CA – August 18, 2022 – Executive Vice President Jacob Becher of Colliers’ de Jong | Becher Self Storage Group represented the seller, Vasona Lake Storage, in the sale of two Stor’It of Los Gatos self storage properties, located at 17443 Farley Road and 688 University Avenue in the Bay Area town of Los Gatos, California. Vasona Lake Storage sold the properties to Insite Property Group, a Los Angeles-based self storage developer, operator, and manager. The two facilities feature a combined 91 inside hallway units, 453 upper-level units, two drive-up units, and 232 wine storage units, which total 45,149 of net rentable space. The Farley location also features 16 parking spaces avaible for rent. This portfolio included six stabilized and cash flowing apartment units which are managed by a third party, and were fully occupied at closing. The properties are fully secured with a keypad, gated entry, an on-site management office, and 24-hour video surveillance.

The location of these facilities benefits from an extremely dense and growing local population. The population within a five mile radius has grown 4 percent in the last 20 years to 263,014, and is expected to continue growing over the next five years. Located near busy streets, the properties benefit from great street frontage and high daily traffic counts of roughly 20,000 cars per off on Blossom Hill road and 9,600 cars per day on University Avenue. These properties are also surrounded by plently of residential neighborhoods, restaurants, and retail stores.

For more information on this transaction or to inquire about future self-storage acquisition and disposition opportunities, please contact Tom de Jong and Jacob Becher.

*Closed with previous broker

About Colliers

Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 66 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.3 billion ($3.6 billion including affiliates) and $45 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people.

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