SONORA, CA– Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of A Gold Mine Storage, a 105,568 square-foot self-storage located in Sonora, CA, according to Joel Andrew Deis, regional manager of the firm’s Seattle office. Daniel Kapic, the regional manager in Sacramento, was the Broker of Record on the transaction. The facility sold for $10,275,000.
Christopher R. Secreto, Senior Managing Director Investments, in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Secreto also procured the buyer, a regional investor.
The facility represented an attractive investment opportunity, but was encumbered by a CMBS loan with an above market interest rate.
Secreto commented: “There was strong buyer interest in the facility, but the existing loan had to be assumed otherwise a substantial prepayment penalty would have had to been paid. The buyer and seller had to work extra hard to get the loan assumption approved within the buyer’s tight 1031 exchange deadline.”
A Gold Mine Storage is located at 18600 Eagle Ridge Dr Sonora, CA 95370. The facility is a High-Quality, Class A Facility built in phases from 2011-2017. is one of the last remaining. There are 478 Units today with room for expansion.
The buyer was in a 1031 Exchange and the seller is doing a partial exchange. The facility was 85% occupied at closing.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 8,954 transactions in 2020 with a value of approximately $43 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.