Olive Properties L.P., a real estate management company based in Burbank, Calif., has purchased Secured Self Storage in Arnold, Calif., for $2.5 million. The seller was ABC Mini Storage, a Mountain View, Calif.-based firm.
The property at 1038 Fir St. comprises 61,919 net rentable square feet of storage space in 301 units. Situated on nearly 4.5 acres of land, it was built in 1988 and expanded in 2008. Property amenities include security lighting, wide drive aisles and video cameras.
Olive Properties plans to hold the facility as an investment and optimize its operation, according to a press release from The Loeffler Self-Storage Group (LSSG), the commercial real estate firm that brokered the transaction. The seller was represented in the deal by LSSG storage specialists Bobby Loeffler and Tyler Skelly.
LSSG specializes in self-storage real estate in California and Nevada, having closed more than 80 transactions in those states.