CBRE announced the sale of a self-storage facility in Rialto, California, for $4 million to a local investor who was in a 1031 exchange.
CBRE’s Nick Walker and Trevor Roberts represented the seller in the transaction, a California limited liability company.
Rialto Self Storage, a 36,925 square-foot property located at 2850 W. Foothill Blvd, is 97 percent occupied. The facility features 374 self-storage units plus 11 uncovered RV and Boat parking spaces. The property consists of five single-story buildings and offers numerous amenities including a gated entrance with key code access, 24-hour video surveillance cameras, U-Haul truck rental as well as RV and boat parking. The facility also has an on-site manager’s apartment, offering additional security.
The property is strategically located on Foothill Boulevard, commonly known as Route 66 and is exposed to 23,126 vehicles passing by daily. The site also sits in a high-population area, with 373,357 residents within a 5-mile radius.
The self-storage industry experienced exceptional growth in 2015 and 2016, and last year followed suit. Walker’s team closed more than $405 million in 2017 and has an additional $310,500,000 million under contract or on the market.
"This property is surrounded by existing and planned residential properties, guaranteeing a continuous need for space at this facility,” said Walker. “With residential units trending smaller in size as rents are rising, we see an ever-increasing demand for self-storage space.”
CBRE’s Nick Walker and Trevor Roberts represented the seller in the transaction, a California limited liability company.
Rialto Self Storage, a 36,925 square-foot property located at 2850 W. Foothill Blvd, is 97 percent occupied. The facility features 374 self-storage units plus 11 uncovered RV and Boat parking spaces. The property consists of five single-story buildings and offers numerous amenities including a gated entrance with key code access, 24-hour video surveillance cameras, U-Haul truck rental as well as RV and boat parking. The facility also has an on-site manager’s apartment, offering additional security.
The property is strategically located on Foothill Boulevard, commonly known as Route 66 and is exposed to 23,126 vehicles passing by daily. The site also sits in a high-population area, with 373,357 residents within a 5-mile radius.
The self-storage industry experienced exceptional growth in 2015 and 2016, and last year followed suit. Walker’s team closed more than $405 million in 2017 and has an additional $310,500,000 million under contract or on the market.
"This property is surrounded by existing and planned residential properties, guaranteeing a continuous need for space at this facility,” said Walker. “With residential units trending smaller in size as rents are rising, we see an ever-increasing demand for self-storage space.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
