SUSANVILLE, CA, January 16, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Bunyan Road Security Storage, a 29,370-square foot self storage facility located in Susanville, CA. According to Joel Andrew Deis, regional manager of the firm’s Seattle office and the national director of the National Self-Storage Group, the facility closed at full list price for $1,250,000, representing $42 per rentable square foot.
Christopher R. Secreto, senior vice president investments at the firm’s Seattle office and a senior director of the National Self-Storage Group, had the exclusive listing to market the property on behalf of the seller, a local limited liability company. The buyer was a family trust based in Oregon.
Bunyan Road Security Storage is located at 1655 Paul Bunyan Road, Susanville, California 96130. It is a well-maintained facility that includes 245 self storage units and sits on one parcel totaling 2.16 acres. The Facility was built in one phase in 1996. There are nine self storage buildings, an onsite rental office and a 950-square-foot manager’s apartment with a patio. All units are available with ground floor drive-up access with approximately 7 different unit sizes.
“Bunyan Road Security Storage generated strong buyer interest and multiple offers,” says Secreto. “This was the buyer’s first self storage investment. The buyer sold apartments in Oregon and did a 1031 exchange into Bunyan Road.” The Facility serves the Lassen County and Susanville community and is conveniently located in the heart of town on Bunyan Road.
About Marcus & Millichap
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com