Heritage Storage Facilities LLC recently sold its two-property portfolio in Oakdale and Reedley, Calif., to an unidentified Southern California investor for $6.8 million. The facilities comprise 106,230 net rentable square feet in 824 units. Both were built less than 10 years ago and feature all-metal construction and concrete drive aisles, according to a press release.
The facility at 795 Greger St. in Oakdale was listed at $4 million with a capitalization rate of 6.04 percent, according to the property’s listing on LoopNet, a real estate website. The property was more than 95 percent occupied at the time of the listing and offers room to add 17,000 net rentable square feet for RV storage.
The facility at 1885 E. Dinuba Ave. in Reedley was listed at $3.4 million with a capitalization rate of 5.42 percent, according to LoopNet. The property was about 85 percent occupied at the time of the listing.
Bobby Loeffler and Tyler Skelly, self-storage specialists with The Loeffler Self-Storage Group (LSSG), represented Heritage in the transaction. LSSG is a commercial real estate brokerage firm specializing in self-storage properties throughout the West. The group has closed more than 65 storage transactions in California and Nevada, company officials said.