LOS GATOS, Calif., July 25, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of two Stor’It of Los Gatos self-storage facilities located less than a mile apart from each other in Los Gatos, California. Together, the properties total 785 units and 45,287 square feet. They sold for $25.4 million, which equates to $561 per square foot.
“These are stable, revenue-producing assets located within a lucrative regional market,” says Adam Levin, senior managing director investments in Marcus & Millichap’s Palo Alto office. “The metropolitan area has a population of almost 2 million and the average annual household income in the area surrounding the properties is more than $206,000.”
Levin, Christopher Secreto, senior vice president investments, and Jacob Becher, first vice president investments, represented the seller. Levin procured the buyer.
The properties are the 569-unit, 33,184-square-foot Stor’It of Los Gatos located on Farley Road West and the 216-unit, 12,112-square-foot Stor’It of Los Gatos on University Avenue. They were constructed in 2005 and 1999, respectively. At the time of sale, the unit occupancy for both facilities was 76.5 percent and the square-foot occupancy was 84.0 percent. The properties have a mix of climate-controlled and standard units and 20 parking spaces for recreational vehicles.
Steve Seligman, first vice president and regional manager, is the Marcus & Millichap broker of record for this transaction.
About Marcus & Millichap (NYSE: MMI)
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 nearly 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