Levin Johnston Arranges $27.8M Sales of Two Self-Storage Facilities in Bay Area
SUNNYVALE AND FREMONT, CALIF. — Levin Johnston of Marcus & Millichap has brokered the sales of two self-storage facilities in Sunnyvale and Fremont, totaling $27.8 million. Adam Levin of Levin Johnston and Jacob Becher of Marcus & Millichap represented the seller and buyers in each transaction.
In the first transaction, a multifamily investor acquired a 517-unit Lock It Up Self-Storage, located at 220 W. Ahwanee Ave. in Sunnyvale. Lock It Up Self-Storage sold the property for $15.5 million. Built in 1987, the property offers 44,781 net rentable square feet and was 97 percent occupied at the time of sale.
In the second deal, a high-net-worth individual purchased a 637-unit Lock It Up Self-Storage property located at 38491 Fremont Blvd. in Fremont. Constructed in 1986, the property offers a total of 54,550 net rentable square feet and six RV parking spaces. At the time of sale, the property was 94 percent occupied.