Bancap Self Storage Group Inc. brokered the sale of the Five Star Storage property in the city of Vallejo in Solano County, Calif. Carl Touhey and Jason “Jay” Allen were the exclusive agents for the property. No other brokers were involved in the transaction.
The property sold for $4.5 million in an all-cash transaction. Both the seller and buyer were private parties in the local area. Five Star Storage has 81,664 net square feet of self-storage space with 483 units. The single-story project was built in 1980 and is located on Lemon St. The property was approximately 90 percent occupied at the time of the sale.
The sale was the eighth self-storage deal California Bancap Self Storage Group completed in the past 12 months. Bancap Self Storage Group 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 at more than $31 million.