Casino Self Storage in Moorpark, Calif., sold to Public Storage, a self-storage real estate investment trust, for $10.5 million. The facility will be rebranded Public Storage.
The sale was facilitated by special servicing company LNR Partners LLC on behalf of a commercial mortgage-backed security fund that had foreclosed on the property earlier this year. The all-cash sale was less than the property's outstanding debt at the time of foreclosure. Although physical occupancy was more than 85 percent, economic occupancy was approximately 66 percent, offering further upside potential to the buyer. The facility’s gross potential income at the time of closing was approximately $1,078,000 annually.
Casino Self Storage has nearly 85,430 net square feet of self-storage space divided into 822 units, including 91 climate-controlled units. The two-story project was built in 2005. It's located on Los Angeles Avenue, also known as State Highway 118, on a visible corner in a retail- and commercial-oriented location. The buildings are constructed of concrete block and stucco with metal partitions, roofs and doors.
Dean Keller, president of Bancap Self Storage Group Inc., brokered the transaction. The company has completed more than $900 million in self-storage sales, including many lender-owned properties and portfolio sales.