A-1 Self Storage, which operates 48 facilities in California, has acquired Safe Harbor Self Storage, a 59,000-square-foot facility in Santa Ana, Calif., in an off-market transaction. Developed in 1984, the 1.5-acre property at 16842 S. Harbor Blvd. consists of six two-story buildings. The facility’s traffic count on Harbor Boulevard averages more than 36,000 vehicle per day, according to a company press release.
When the facility was acquired, its rents and occupancies were well below market averages, the release stated. “The facility suffers from functional obsolescence, and we plan to fix that. We are upgrading the facility to compete in today’s self-storage space,” said Brian Caster, president and CEO. “This is a perfect example of our acquisition team identifying a property where we can add value through our professional operations and increase revenue through our revenue-management and marketing platforms. We are very excited to transform this facility into ‘like new’ condition.
The seller was represented by John Susank, vice president of investments for Marcus and Millichap Real Estate Investment Services Inc, which specializes in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the company has more than 1,300 investment professionals in offices throughout the United States and Canada.
A-1 is looking to purchase land, existing self-storage facilities, projects in fill-up areas and others that are entitled but not yet built, company officials said. Their target areas are California and Texas.
A-1 Self Storage is a division of the Caster Cos., a third-generation, family-owned company headquartered in Southern California since 1959. Caster Cos. develops and manages A-1 Self Storage, A-1 Car Storage and other commercial properties in California. Its portfolio includes more than 5 million square feet of real estate.