All-Storage in Lancaster, Calif., is the first lender-foreclosed self-storage facility to be available in Southern California in 2009. Bancap Self Storage Group Inc., based in Rancho Santa Margarita, Calif., will list the property. Company president Dean Keller will represent the seller, a private investment firm that made the original construction loan for the facility and later took ownership through foreclosure.
This property is believed to be the first of several lender-foreclosed facilities that will be available this year. "Although there are fewer foreclosures of self-storage properties than virtually all other types of real estate, I am still expecting more to hit the market during this economic down cycle," Keller said.
All-Storage has approximately 31,000 rentable square feet in 330 units. The property is offered for sale at $1.8 million
Bancap Self Storage Group has completed more than $850 million in self-storage sales, including lender-owned properties, portfolio sales and a record-setting single-property sale of more than $31 million.