Equity Based Services Inc. purchased Anchor Mini Storage in Rohnert Park, Calif., for $5.3 million, a price reflecting a discount due to a motivated seller. The facility will be re-branded as American Mini Storage, the EBS corporate brand. It includes 525 units and 66,810 net-rentable square feet and is the company’s second property in the state.
The purchase was financed through Circle Bank in Novato, Calif., and facilitated through Tavernier Capital Partners in Boca Raton, Fla. EBS was able to finance 65 percent of the price with a 15-year loan that is interest-only for the first five years and then amortized for the remaining 10 years with a 25-year amortization.
The facility is near Sonoma State University and right off of Hwy 101. Because of its proximity to Sonoma, ESB is considering the addition of wine storage. The site includes room for expansion and approved plans for an additional two-story building.
The property was originally under contract with Public Storage, but the company decided to drop the contract, according to Charles "Chico" LeClaire, senior vice president of the Marcus & Millichap National Self Storage Group. Public Storage was given a mandate by its investment committee to only purchase troubled assets, and Anchor Mini Storage did not meet this criteria, he said.
EBS is a private real estate company specializing in the acquisition and management of self-storage property. The company owns and operates approximately 60 properties in 11 states with a current market value of more than $300 million.