Bancap Self Storage Group Inc. brokered the sale of Global Self Storage in Victorville, Calif. The seller was a regional bank that had foreclosed on the property earlier this year. The buyer was the real estate affiliate of U-Haul which will re-brand the property with that name. Bancap President Dean Keller was the listing agent and sole broker in the transaction.
The property sold for $4.5 million, significantly less than the property’s development costs. The seller provided purchase financing to facilitate the sale.
Built in 2007, the single-story self-storage facility contains approximately 87,000 square feet of storage space in approximately 600 units. The property also has 150 exterior RV and boat storage spaces, many of which are covered. Occupancy was approximately 43 percent at the time of sale.
Bancap has completed more than $850 million in self-storage sales, including many lender-owned properties, numerous portfolio sales, and a record-setting single-property sale of more than $31 million.