Levin Johnston of Marcus & Millichap has arranged the sale of two institutional-quality self storage facilities located at 688 University Ave. and 17443 Farley Road West in Los Gatos within California’s Silicon Valley. A private high net-worth family acquired the assets for $25 million.
Constructed in 1999 and 2005, the Stor’ It Los Gatos facilities feature a total of 785 self storage units, ranging from 25 square feet to 300 square feet, and in a mix of climate-controlled and standard unit offerings. At the time of sale, the 45,287 square-foot asset was 84 percent occupied.
Adam Levin of Levin Johnston and Jacob Becher of Marcus & Millichap represented the buyer and the seller, a private high-net-worth individual, in the deal.