First Choice Self Storage in Fontana, Calif., sold for nearly $5.1 million to Union Development Financial, a large privately held real estate corporation specializing in the ownership and management of self-storage investments in Southern California. The seller, First Choice Storage Inc., is a privately held development company in Rancho Cucamonga, Calif.
The 90,439-square-foot facility, located at 14750 Foothill Blvd., is situated on nearly 4 acres and is comprised of 90,000 net rentable square feet of storage space with 663 units and 84 covered RV-parking spaces.
Stephen Grossman, senior vice president of NAI Capital Newport Beach’s Self Storage Investment Group, was the only broker in the transaction.
NAI Capital, a commercial real estate brokerage firm headquartered in Encino, Calif., has 14 offices throughout Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties. The company is the Southern California affiliate of NAI Global, a worldwide real estate service network with 325 offices around the world.