California-based BVI Redtop LLC recently sold Redtop Storage in Chico, Calif., to an unidentified Southern California investor for $3.15 million. The facility is comprised of 77,040 square feet in 589 storage units and sits on 3.74 acres. It features all-metal construction and concrete drive aisles, according to a press release.
The facility at 1322 Nord Ave. opened in 2005. It was listed at $3.48 million with a capitalization rate of 5.62 percent, according to the property’s listing LoopNet, a real estate website. The facility is on a major thoroughfare near California State University, Chico. It’s across the street from University Village, an apartment complex that houses several hundred students, according to the listing.
“The property has a history of strong performance during the summer months when students are out of school, and an opportunity exists to increase occupancy during the school year by offering concessions and parking to students,” the listing stated.
Bobby Loeffler and Tyler Skelly, self-storage specialists with The Loeffler Self-Storage Group (LSSG), represented BVI Redtop 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 transaction in California and Nevada, company officials said.