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CA Self-Storage Facility Sold for $5.8M


A self-storage facility in Cathedral City, Calif., sold to McGaelic Group LP for about $5.8 million, or about $56 per square foot.

Date Palm Self Storage, 69100 Converse Road, will be rebranded as an Extra Space Storage, which will manage the property.

Built in 2002, the property has 103,523 square feet on 4.8 acres. It has 552 self-storage units and was at 75 percent occupancy at the time of the sale.

Stephen Grossman of NAI Capital Self Storage Investment Group represented the seller, Palm Storage LLC. Kenneth High of Nordman, Cormany, Hair & Compton, along with Mike Penrod of Parkstone Companies, represented the buyer.

Headquartered in Salt Lake City, Extra Space Storage is a real estate investment trust that owns or operates more than 800 self-storage facilities in 34 states and Washington, D.C. The company's properties comprise approximately 570,000 units and more than 62 million square feet of rentable storage space.


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