Bank-Owned Self-Storage Facility in Riverside, CA, Sold for $2M

Guava Street Storage (formerly 1st Choice Self Storage), a bank-owned self-storage property at 41176 Guava St. in Riverside County, Calif., has been sold for approximately $2 million. The buyer, Eddie Atoian, purchased the facility from First Citizens Bank & Trust Co., which foreclosed on the asset earlier this year.

The 41,580-square-foot facility was built in 2007 and sits on 2.4 acres. It comprises 161 self-storage units and 11 RV-parking spaces. It has a large management office and apartment as well as an attached office building that will be used for future rental income, according to the source.

Atoian was presented in the transaction by Stephen Grossman, senior vice president of NAI Capital, a Southern California commercial real estate firm with offices throughout Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties. Grossman works out of the Orange County location.

First Citizens Bank was represented by Lee & Associates, a broker-owned commercial real estate firm with offices nationwide.

The Murrieta storage market is improving, and my client was pleased with acquiring a self-storage property well below replacement cost, Grossman said. "New management and marketing systems will immediately be implemented to enhance the value of the asset.