An affiliate company of Florida-based self-storage operator iStorage has acquired 19th Avenue Self Storage in San Francisco for $9.8 million. The multi-story property at 4050 19th Ave. comprises 800 units, some with 24-hour access. The deal included the assumption of an existing “conduit” loan from the seller, a private limited-liability company, according to a press release from Bancap Self Storage Group Inc., the commercial real estate firm that brokered the deal.
The property is in the Ingleside District and has been rebranded as iStorage Ingleside Heights. “This is an outstanding combination of excellent location and consistently high occupancy in a very strong rental market with high barriers to entry,” said Bancap President Dean Keller, who represented the buyer and seller in the transaction. “This is another example of the excellent time for both self-storage buyers and sellers, as we are seeing historically high prices and low cost of funds in virtually all markets of California and nationwide.”
California-based Bancap has completed nearly $1.3 billion in self-storage sales, including independently owned properties, mid-sized chains and portfolios.
Based in Winter Garden, Fla., iStorage is a privately owned self-storage investment and management company that operates 65 facilities in 10 states. Founded in 2008, the company intends to grow through acquisitions, development opportunities, joint-venture deals and third-party management.