Amber Oak Storage & Square, a 76,740 net rentable square-foot self-storage facility in Tehachapi, Calif., sold for $2,835,000 million, or $36.94 per square foot.
The property features 467 units with an average unit size of more than 146 square feet. Additionally, there are 31 covered RV parking spaces and seven open parking spaces. Roughly 3,100 net rentable square feet of occupied retail space was also a portion of the deal.
Built in 2006, the property sits on just over 6 acres. It features metal construction with concrete drive isles. The buyer plans to increase occupancy and develop a 1-acre portion of the lot, which fronts the entrance to the property.
The purchase price represented a 9.16 percent capitalization rate on the current 65.8 percent economic occupancy. Bobby Loeffler, president of the Loeffler Self-Storage Group, represented the buyer, LSF Properties of Oakdale LLC. Brandon Robinson of Martinez & Associates represented the seller.