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.
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