Long Beach Security Storage in Long Beach, Calif., recently sold to a local partnership for $1.8 million. Located on Anaheim St., the property was constructed in 1923 and converted to self-storage in 1999. The building is a seven-story concrete with 513 units, 30,000 net rentable square feet, and three cell-phone antennas on the roof. Its on a highly trafficked thoroughfare in a redevelopment area of Long Beach.
Roberto Munoz, an associate in the West Los Angeles office of Marcus & Millichap Real Estate Investment Services, had the exclusive listing to market the property on behalf of the seller, Monopoly Properties Group LLC, a limited liability company in Los Angeles. The company has owned the property since 1999. The buyer is a local partnership that owns apartments and offices in the Long Beach area.
This is clearly an indication that the market is coming back and buyers have re-entered the market looking for opportunities, Munoz said.
Marcus & Millichap has more than 1,000 investment professionals in offices nationwide and closed more than 5,000 transactions last year.