GLENDALE, Calif., Sept. 26, 2016 –RE/MAX Evolution Commercial announced that it recently completed the sale of newly constructed self storage property located in the city of Glendale, Calif., for $13.8 million. The facility closed at Certificate of Occupancy. Stephen Grossman, Vice President, was the sole broker in the transaction. This is the second C of O property Grossman has brokered to Extra Space Storage. Both properties total over $23 million in value. The seller of the Glendale property is a privately held real estate development company in Glendale. The buyer is a partnership between Extra Space Storage (NYSE: EXR), a national owner/operator of self-storage facilities with over 1,300 self storage properties in 35 states, and San Francisco based real estate investment company.
The newly constructed facility is a well located, modern designed, two-story over basement self-storage property located at 6527 San Fernando Road. The building is the former home of seven-time Oscar winner Rick Baker’s legendary special effects studio Cinovation. The improved property has almost 70,000 net rentable square feet of self-storage space demised into approximately 700 storage units. The facility also includes amenities such as an on-site rental office, climate control and surveillance security cameras throughout the property. The property is well situated to serve the entertainment industry as well the communities of Glendale and Burbank in the east San Fernando Valley.
About RE/MAX Evolution:
RE/MAX Evolution is locally owned and operated and caters to the regional and global luxury real estate markets. The brokerage specializes in residential, commercial, investment and vacation properties and is a hub for global real estate investors. RE/MAX Evolution is located at 302 Glenneyre St., 92651 Laguna Beach, CA 92651. To learn more, please visit remaxevolution.com or call (949) 342-2244.
Jeff Grice, Broker/Owner, RE/MAX Evolution
(949) 342-2244, email@example.com