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| 517-unit Lock It Up Self-Storage, 220 West Ahwanee Avenue, Sunnyvale, CA |
BAY AREA, CA – Levin Johnston of Marcus and
Millichap, one of the top brokerage teams in the U.S. specializing in
wealth management through commercial real estate investments, has successfully
directed the sale of two institutional quality self-storage facilities
encompassing 1,154 units in the Bay Area submarkets of Sunnyvale and Fremont,
California.
Adam Levin, Senior Managing
Director of Levin Johnston and Jacob Becher, Vice President of Investments and
Associate Member of National Self Storage Group at Marcus & Millichap,
represented the seller, Lock It Up Self-Storage, as well as the buyer in each
transaction.
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| Jacob Becher |
“These sales are a prime
example of increased investor interest in self-storage product throughout the
Bay Area,” says Levin.
“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.
“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.
" In addition, 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.”
Levin Johnston’s recent
transactions include:
$15.5 Million Sale of
Sunnyvale Lock It Up Self-Storage,
$12.3 Million Sale of Fremont Lock It Up Self-Storage, 38491 Fremont Blvd in Fremont, California.
Contacts:
Lisa
James/ Jenn Quader
Brower Group
(949) 955-7940
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