Inside Self-Storage is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Bancap Brokers Sale of Lender-Owned Self-Storage in CA

Bancap Self Storage Group Inc. brokered the sale of St. Thomas Self Storage in Hesperia, Calif.

Bancap Self Storage Group Inc. brokered the sale of St. Thomas Self Storage in Hesperia, Calif.  

Located on nearly 5 acres of land, the facility has about 73,000 net square feet of self-storage space with nearly 500 units. The sale also included an acre of vacant land adjacent to the storage property. The single-story project was built in 2007, and constructed of concrete block and metal walls with metal partitions, roofs and doors.

Bancap President Dean Keller was the exclusive listing broker for the transaction. Greg Wells of Grubb & Ellis|BRE Commercial represented the buyer. The seller was a regional bank that had foreclosed on the property earlier this year. The buyer was a private real estate investment trust with other self-storage holdings in the area. It’s the third lender-owned storage property Bancap has brokered this year.

The property sold for $2.7 million, which was significantly less than the development costs. The seller provided purchase financing to facilitate the sale. Occupancy was approximately 35 percent.

Related Articles:

Bancap Brokers Sale of Global Self Storage in Victorville, CA

Bancap Sells Hyer Quality Storage for $2.2 Million

Equity Based Services Acquires Two Self-Storage Facilities

Self-Storage Talk: Real Estate Listings and Investment Opportunities

Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.