Tom de Jong, of Colliers International, represented the seller of two self storage properties in Northern California. Modesto Self Store-It and Manteca Self Store-It were part of a multi-property disposition for a local, family owned operation. Modesto Self Store-It was 98% occupied at time of close and consisted of 111 units plus 9 parking spaces in 17,840 net rentable square feet. The buyer, Don Pensotti, is a first time storage buyer and local appraiser who plans to add additional portable storage units. Based on most recent trailing twelve months adjusted income, the sale represented a cap rate of approximately 5.6%.
Manteca Self Store-It, located approximately 20 miles northwest of Modesto, was 97% occupied at time of close and consisted of 497 units in 53,250 net rentable square feet. Additionally, the property was a U-Haul dealer. The buyers, Storage Solutions, plan to add an additional 4,000 square feet of portable storage units. Based on most recent trailing twelve months adjusted income, the sale represented a cap rate of approximately 5.4%
Tom de Jong is the Argus Self Storage Sales Network broker affiliate for Northern California. He can be reached at 408-282-3829. Based in Denver, Colorado, the Argus Self Storage Sales Network (ASSSN) was formed in 1994 to assist owners and investors of self storage with their real estate needs. Through the years, Argus has assembled a network of real estate brokers experienced in self storage and income property investments. Now the largest self storage brokerage network in the United States, the ASSSN has 38 Broker Affiliates covering nearly 40 markets and a total self storage transaction history of over $2 billion. These brokers are able to meet the needs of self storage investors and owners whether it is acting as a buyer’s agent or listing and marketing a property. For more information call 1-800-55-STORE or visit Argus-SelfStorage.com.