Lock-It-Up Self Storage facility in Sunnyvale Levin Johnston of Marcus & Millichap has arranged the sale of two Lock-It-Up Self-Storage facilities in Sunnyvale and Fremont, Calif., for a total of $27.8 million. The brokerage firm represented the seller and the buyer in both transactions.
The Sunnyvale facility, which sold for $15.5 million, is located at 220 W. Ahwanee Ave., just off Freeway 101 and merely 10 miles from downtown San Jose. Built in 1987, the asset occupies more than one acre and offers 517 units. The storage facility features climate control, drive-up access, security cameras and parking spaces.
“The strength of the local multifamily market is a core driver in this investment demand, as smaller average apartment sizes contribute to increased consumer demand for storage space,” said Adam Levin, senior managing director of Levin Johnston, in prepared remarks.
The second facility traded for 12.3 million and is located at 38491 Fremont Blvd., near Freeway 84 and Interstate 880, around 18 miles from downtown San Jose. Constructed in 1986, the eight-building storage asset sits on 2.8 acres and comprises a total of 637 storage units, ranging from 25 to 300 square feet, Yardi Matrix data shows. The property is gated and features drive-up access, parking and RV parking spaces, security cameras and indoor units.
“National trends such as retirement, downsizing of baby boomers and millennial consumer preferences will only strengthen in the years ahead, providing a positive long-term value opportunity for owners of self storage product,” added Levin.
The brokerage team included Levin of Levin Johnston and Jacob Becher, vice president of Marcus & Millichap’s National Self-Storage Group.