Guardian Storage Centers LLC, which operates 39 self-storage facilities in Arizona and California, has purchased Storage Express in Temecula, Calif., for $5.1 million from Scottsdale Commerce LLC, a private investment company. The property at 42189 Winchester Road encompasses 47,294 square feet of self-storage space. Built in 2004, the two-story facility features gated access, individually alarmed units and video cameras. It also includes a remodeled office that sells moving and packing supplies, according to a LoopNet.com listing.
The storage property was marketed without an asking price and received nine offers in 30 days, according to a press release from Lee & Associates-LA North/Ventura Inc., the real estate firm that brokered the transaction. The deal was handled by principals Mike Tingus and John Battle, who’s also a managing director.
“The self-storage market has been the fastest growing sector of the entire commercial real estate investment market. Average returns in excess of 16 percent a year over the past 10 years are fueling tremendous demand by investors,” Battle said. “We wanted the strongest bidders to be aware of and understand our buyer’s expectations. We negotiated final terms with the buyer with the best response to our counter, and closed the transaction without any re-trading from the buyer.”
Founded in 1994 and specializing in industrial, multi-family, office and retail properties, Lee & Associates-LA North/Ventura provides investment-brokerage services from its four offices in Antelope Valley, Calabasas and Ventura County, Calif. It’s a member of Lee & Associates Commercial Real Estate Services, a broker-owned firm with 53 offices and nearly 800 brokers nationwide.
Storage Express still operates storage facilities in Lancaster and Palmdale, Calif.
Based in Irvine, Calif., Guardian Storage Centers offer free truck rental for new tenants, moving and packing supplies, and vehicle storage. The properties also serve as electronic-waste recycling drop-off sites. Guardian’s subsidiary, StorAmerica Management, oversees its self-storage properties and mixed-use retail locations.