Grubb & Ellis|BRE Commercial recently facilitated the sale of Firestone Self Storage in South Gate, Calif., for $8.6 million. Greg Wells of the company’s Self Storage Group represented both buyer and seller. The 91,594-square-foot facility was sold by Granite Investment Group to Nova Development, a Los Angeles-based self-storage operator that closed the transaction with all cash.
The project also contains 82 outdoor RV/boat parking spaces and was approximately 85 percent occupied at closing. The area of South Gate is a densely populated area of Los Angeles County with a 5-mile population exceeding 900,000.
Based in San Diego, Grubb & Ellis|BRE Commercial is a privately held commercial real estate brokerage firm that represents more than 40 million square feet of industrial, office and retail property throughout the region.