Bancap Self Storage Group Inc. facilitated a transaction for Adobe Self Storage in Indio, Calif. Company president Dean Keller represented the seller, a small family trust based in Oregon, and the buyer, San Diego-based investment group.
Adobe Self Storage is approximately 75,000 net-rentable square feet and in more than 600 units. The single-story project was originally built in 2002 and expanded in 2006 to its current size. It has block perimeter walls around the exterior with metal partitions, roofs and doors, and a two-story frame-and-stucco building that serves as the rental office and manager’s residence.
The property originally went under contract in 2008 and was set to close in late fall. Though the deal nearly fell through due to changes in the economy, Keller found a way to restructure. Instead of an outright sale at this time, the new operators have obtained a leasehold interest in the property and purchased the right to complete the transaction at a future date. It is expected that over the next few years, the property’s occupancy and income will improve along with the overall economy, and the availability of financing will return to more normal market conditions.
Bancap Self Storage Group has completed more than $850 million in self-storage sales.