Change is in the air – and has been for some time — for the AAA Store-Stuff self storage facility in Lancaster, California. Bancap Self Storage Group Inc. recently finalized the sale of the facility to a private limited liability company owned by local investors who are new to the self storage industry.
A while back, AAA Stor-Stuff in Lancaster, California, started the foreclosure process. A private investment firm purchased the mortgage after the foreclosure process has started. When the foreclosure was completed, the group listed the property for sale. They listed it exclusively with Bancap. Yesterday, the sale was finalized.
The property sold for $2.6 million (approximately $42 per net square foot) on a “cash to new loan” basis. Occupancy at the facility was about 65% and climbing. “This was a rare opportunity to purchase a temporarily underperforming self storage property in Los Angeles County with significant upside potential,” said Dean Keller, president of Bancap.
AAA Stor-Stuff was built in 1986. It is a single story facility that sits on 4.2 acres. It has all drive-up units with over 61,000 square feet of self storage and 520 units. It has a 24-hour computerized gate access, video surveillance, and 39 uncovered storage spaces for RVs, boats, and cars. It has a resident manager on location. It provides self storage for the greater Lancaster area, Palmdale, Santa Clarita, Adelanto, Canyon Country, Rosamond, and Saugus.
Bancap is the leading self storage broker in California. They specialize exclusively in sales and acquisition of self storage properties. Their transactions range in size from under $500,000 to over $75 million and from small 200-unit properties to large multi-property portfolios. They have been in business for over 28 years.
“There have only been a handful of foreclosed storage properties listed for sale in Southern California in the past few years and we have been the exclusive listing broker for most of them,” Keller said “There are plenty of buyers looking to ‘steal’ lender owned properties, but we have been able to obtain very good prices for sellers – and always more than the ‘unsolicited’ or ‘direct offers’ received from potential buyers or other brokers before our listing and marketing of the property. Self storage is such a unique property type and it takes a specialist with proven expertise and experience to maximize value for sellers in this unique property niche.”
“Bancap Self Storage Group Brokers Lancaster Self Storage Property.” PRWeb; 31 July 2013.