LOS ANGELES, CA – HFF announced today that it has completed the sale of a four-property, 2,584-unit self storage portfolio located in northern California.
HFF marketed the property exclusively on behalf of the seller, a real estate investment management firm. Strategic Storage Trust purchased the portfolio in three separate transactions totaling $23.45 million. The properties within the portfolio are: 3480 Tennessee Street in Vallejo; 2300 Grant Street in San Lorenzo; 222 San Pedro Avenue in Morgan Hill and 8900 Murray Avenue in Gilroy.
The HFF team representing the seller included senior managing director Aaron Swerdlin and managing director Doug McCarron.Year-to-date 2011, HFF’s self storage group has closed more than $81 million in sales transactions located in California, Florida, Kansas, Maryland, Missouri, New Jersey, New York and Texas, among others.
“The self storage industry continues to perform at extremely strong operational fundamentals, which is likely why we see buyers outnumber sellers by a very wide margin.
“Quality assets in economically stable markets draw levels of interest that I’ve not seen in the 17-years I’ve focused on the industry. The confidence that the investor community shows in the product type suggests that we will continue to see, for quite some time, strong interest levels for quality deals,” said Swerdlin.
Contacts:
Douglas M. McCarron, Ca. Lic. # 01473385,
Aaron A. Swerdlin, HFF Managing Director, (713) 852-3500
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
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