Do It Yourself Storage in Sand City, Calif., a lender-owned property, was recently sold to a developer for $1.89 million. The facility contains 21,897 rentable square feet in 190 storage units and two uncovered vehicle-storage spaces. Built in 1977, the 1.15-acre property includes eight single-story buildings and a rental office. One block away is a satellite location comprising two single-story buildings.
According to LoopNet, the facility was 75.9 percent physically occupied and 74.3 percent economically occupied as of Aug. 31, 2010. Its original list price was $2.15 million.
Do It Yourself Storage is next to Monterey Bay along Highway 1. Sand City is two miles northeast of Monterey, Pebble Beach and Carmel, Calif.
The self-storage facility was represented in the sale by brokers of Marcus & Millichap Real Estate Investment Services. Christopher Secreto and Joel Deis of the company’s Seattle office along with Josh Cohen of the Long Beach, Calif., office had the exclusive listing to market the property on behalf of the seller, a financial institution. These brokers also secured and represented the buyer. John Rodiles, also of the Long Beach office, assisted in closing the transaction.
Founded in 1971, Marcus & Millichap specializes in commercial real estate investment services. The company closed 4,302 transactions in 2010 and has more than 1,200 investment professionals in offices nationwide.