Statewide Storage of Victorville, Calif., was recently sold from STW Ministorage to WCAL LLC for $3.3 million. Located at 11622 Amargosa Road, the property consists of 102,860 rentable square feet of storage space in 623 units.
Built in 1985, the facility sits on 6.7 acres. Facility features include high street visibility on Interstate 15, concrete construction, steel doors, an onsite residence, personalized gated entry and video surveillance. The buyer, an out-of-state self-storage owner, plans to update the property.
The seller was represented in the transaction by Stephen Grossman, a senior vice president of national self-storage investments for commercial real estate firm NAI Capital. “This deal is clear evidence that demand for well-priced storage properties in smaller markets is back," Grossman said. "Investors are beginning to return to the value-add markets with a longer-term investment strategy in mind."
Based in Encino, Calif., NAI Capital has 14 offices throughout Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties. The company is the Southern California affiliate of NAI Global, a real estate service network with 350 offices worldwide.