A private limited-liability company managed by Florida-based self-storage operator iStorage has acquired Coliseum Self Storage in Oakland, Calif., for nearly $7 million. The single-story property at 5200 Coliseum Way encompasses more than 67,000 net rentable square feet in approximately 600 units on 3 acres of land, according to a press release from Bancap Self Storage Group Inc., the commercial real estate firm that brokered the deal.
The facility is east of Interstate 880 and northwest of the Oracle Arena and O.co Coliseum in Oakland. Amenities include electronic gate access, individual door alarms and video cameras.
Bancap President Dean Keller represented the buyer as well as the seller, a private-investment partnership that originally developed the property, in the transaction. The property sold on a “cash to new loan” basis, according to the release.
“This was a difficult sale due to some environmental issues present at the site,” said Wally Slough, managing general partner for the seller.
California-based Bancap Self Storage Group has completed more than $1 billion in self-storage sales, including independently owned properties, mid-sized chains and portfolios.
Based in Winter Garden, Fla., and founded by CEO Chris Miller in 2010, iStorage operates 60 self-storage facilities throughout Alabama, Arizona, California, Florida, Georgia, Minnesota, Nevada, New Jersey, Ohio, Pennsylvania and Virginia. The company secured a $50 million revolving line of credit in September as part of a total debit recapitalization, intending to use some of the money to fund expansion. In November, it acquired Planet Self Storage in Burlington, N.J., for $2.97 million.