Performance Self Storage Group Inc. (PSSG) announced it has successfully brokered the sale of two Bay Area self storage properties branded under the name Storage City in Antioch and Milpitas CA. Carl Touhey and Jason “Jay” Allen of PSSG were the exclusive listing agents for the properties and generated multiple all cash offers. The seller was a Norwegian Self Storage company with other storage facilities located in Denmark, Norway and Sweden. The Buyer was Pegasus Group which operates under the name Central Self Storage.
The two storage properties have a combined total of over 1,100 units with just over 111,000 net rentable square feet. At the time of the sale, both properties were approximately 95% physically rented. “These assets offered a rare opportunity to purchase two institutional quality self storage properties in markets where storage properties rarely become available for sale. Once marketed for sale, we knew immediately these properties would command an extremely low cap rate and generate multiple offers,” Allen said. “Our self storage industry has been flooded with qualified buyers looking to buy storage properties like these. The lack of inventory has create a true seller’s market and demand for storage assets like these has never been higher, “Touhey said.
Performance Self Storage Group offers self storage brokerage services in California and has sold over $620 million in completed self storage sales. For more information, contact Carl Touhey (650) 368-2216 or Jay Allen (650) 260-2242 or visit the company website at www.performanceselfstoragegroup.com