Bisnow Exclusive: Highly Sought-After Storage Center Sells
Storage facilities are one of the not so well-kept secrets in commercial real estate, where little overhead can yield big profits. Lee & Associates-LA North/Ventura principal John Battle (snapped with his grandson Zach playing golf in the Dominican Republic earlier this year) says the 42189 Winchester Rd facility went to market without a price, but he got nine offers in 30 days for the 47k SF storage center in Temecula, which sold for $5.1M to Irvine-based Guardian Storage Centers.
John tells us self-storage is the fastest-growing sector in the investment market and boasts average returns in excess of 16% a year over the past 10 years. John repped the buyer and seller Scottsdale Commerce with Lee principal Mike Tingus.