Fairview Self Storage in Ceres, Calif., sold for $1.2 million, or $35.13 per square foot. Located on 1.64 acres just west of Highway 99, the facility has 36,735 net rentable square feet. Built in 2003, it features 311 units with an average unit size of more than 118 square feet.
The purchase price represents a 3.63 percent capitalization rate on the current 61 percent economic occupancy. The property features all-metal construction with asphalt drive isles. The buyer plans to increase occupancy as a large flea market operator is positioned to acquire an adjacent parcel. Additionally, new management plans on reducing operating expenses by downsizing the staff and adding a new rental kiosk.
Bobby Loeffler, president of the Loeffler Self-Storage Group, represented the seller, Fairview Self Storage Group LLC. Mark Yandow and Joe Garvey of Self Storage Brokers of California represented the buyer.