October 8, 2018 – Levin Johnston of Marcus and Millichap, one of the top brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has successfully directed the sale of two institutional quality self-storage facilities encompassing 1,154 units in the Bay Area submarkets of Sunnyvale and Fremont, California.
Adam Levin, Senior Managing Director of Levin Johnston and Jacob Becher, Vice President of Investments and Associate Member of National Self Storage Group at Marcus & Millichap, represented the seller, Lock It Up Self-Storage, as well as the buyer in each transaction.
“These sales are a prime example of increased investor interest in self-storage product throughout the Bay Area,” says Levin. “The strength of the local multifamily market is a core driver in this investment demand, as smaller average apartment sizes contribute to increased consumer demand for storage space. In addition, national trends such as retirement, downsizing of baby boomers, and millennial consumer preferences will only strengthen in the years ahead, providing a positive long-term value opportunity for owners of self-storage product.”
Levin Johnston’s recent transactions include:
- $15.5 Million Sale of Sunnyvale Lock It Up Self-Storage
Levin Johnston directed the $15.5 million sale of Lock It Up Self-Storage, a 517-unit self-storage facility in Sunnyvale, California. The buyer, a multifamily investor, was also represented by Levin Johnston.
“The self-storage industry is entering a period of maturity, making institutional-quality assets such as these a rare find,” says Levin. “By looking at the market as a whole and advising our Clients with wealth creation as the goal, we were able to identify a buyer who recognized the value in this stable, revenue-producing asset, while also achieving a strong sale price for the seller, who is now free to invest in other assets throughout the Bay area.”
The Lock It Up Self-Storage facility in Sunnyvale was built in 1987 and offers 44,781 net rentable square feet. The facility is currently 97 percent occupied. The property is located at 220 West Ahwanee Avenue in Sunnyvale, California.
- $12.3 Million Sale of Fremont Lock It Up Self-Storage
Levin Johnston also directed the $12.3 million sale of a 637-unit Lock It Up Self-Storage facility in Fremont, California. The buyer, a high-net worth individual, was also represented by Levin Johnston.
“This property is situated in close proximity to several major economic drivers, including the nearby Tesla headquarters,” says Levin. “By demonstrating the value of this unique Bay Area institutional-quality asset, we were able to achieve a competitive sale price while also delivering deep value to the buyer, who will benefit from strong upside potential in the asset moving forward.”
Constructed in 1986, the property is 94 percent occupied and situated close to Silicon Valley within the San Francisco/Oakland/Fremont MSA. Offering a total of 54,550 net rentable square feet, the property also features six RV parking spaces.
The property is located at 38491 Fremont Blvd in Fremont, California.