Marcus & Millichap Real Estate Investment Services brokered sale of seven bank-owned self-storage properties throughout the Central Valley of California for $17.9 million.
Six of the facilities are located in Escalon, Riverbank, Ceres, Elk Grove, Soulsbyville (Sonora) and Stockton. The seventh property is land approved for self-storage development in San Diego. The existing facilities represent 3,811 units and 520,870 net rentable square feet with years of construction ranging from 1990 to 2007.
Charles “Chico” LeClaire, senior vice president investments, Nick Walker, associate, and Walter Brauer, associate investment specialists, had the exclusive listing to market the portfolio on behalf of the seller, a national bank. The buyer was a private real estate group.