Bancap Self Storage Group, Inc., the "1 Self Storage Broker in California," announced that it brokered the sale of Blythe Mini Storage in the city of Blythe, California in east Riverside County. The property was sold using the on-line auction platform of Ten-X, formerly known as Auction.com. The property sold for over $3.3 million and closed on December 30, 2016.
The property was previously foreclosed on by a special servicer on behalf of the lender in early 2015. The buyer was a private party in an exchange transaction.
Located just off of the Interstate 10 Freeway in the Colorado River Valley, Blythe Mini Storage has nearly 64,000 net rentable square feet of indoor storage space demised into 471 units in 14 buildings. The facility also offers 29 outdoor RV & boat parking spaces for a total of 500 rental spaces. The property has all “drive-up” single-story self storage units in concrete block buildings with metal roofs, metal partitions and metal roll-up doors. There is also an on-site rental office and second-story manager residence on the 3.7 acre site.
“This sale is evidence of how strong the self storage sales marketplace still is,” said Dean Keller, President of Bancap Self Storage Group, “Even in a tertiary market like this, we still had hundreds of inquiries and a very competitive auction for the property."
Bancap Self Storage Group is one of the top self storage specialist brokers in the industry with a track record of over $1.35 billion in completed self storage sales. The company has specialized exclusively in self storage properties for over 30 years.
Dean Keller, President, is currently the Chairman Emeritus of the California Self Storage Association Board of Directors and a member of the Board of Governors for the national Self Storage Association Foundation.
For more information about this transaction, contact Bancap Self Storage Group at 949-715-2233 or visit the company web site at BancapSelfStorage.com. For more information on Ten-X, please visit Ten-X.com.