Self-storage developer Greystone Holdings LLC has acquired two vacant properties in Northern California on which it intends to build self-storage. The company paid approximately $6.25 million in separate deals. Both parcels are pre-approved for self-storage development, according to a press release from the National Self-Storage Practice Group of real estate services firm Colliers International, which brokered the deals.
In Antioch, Greystone will look to develop a 6.68-acre parcel at the intersection of E. 18th Avenue and Vineyard Avenue. The seller, Recess Development, had intended to build a multi-story facility on the property comprising 86,325 net rentable square feet in 733 storage units and 95 RV spaces. The land was purchased for $3.25 million.
The second site, a 4.59-acre parcel at 9080 San Ysidro Ave. in Gilroy, Calif., was acquired for $3 million. The seller, a private investor, had planned to develop 100,725 square feet of storage in 794 units. The original project included medical office buildings, the release stated.
Tom de Jong, senior vice president of Collier’s storage group, represented the buyer in both transactions.
Based in Northern California, Greystone is a private developer of self-storage and other commercial real estate assets.