Amerco Real Estate, the developent and acquisitions entity for The U-Haul Co., just acquired Newport Mesa Self Storage in Costa Mesa, Calif., for $4.5 million. The all-cash transaction has a 30-day escrow period. The facility, which has 37,780 square feet of rentable space and will be rebranded as U-Haul Self Storage.
The sale occurred through an online auction at Auction.com. It was facilitated for the seller by special servicing company LNR Partners LLC on behalf of the commercial mortgage-backed securities fund that foreclosed on the property last year.
Occupancy at the facility was about 60 percent at the time of sale. The three-story infill project is located on a frontage road alongside the Costa Mesa Freeway, which is State Route 55.
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.
Established in 1945, U-Haul has 36 million square feet of storage space at more than 1,000 owned and managed facilities throughout North America.