One in four new self-storage facilities are being sold at certificate of occupancy, trading hands right as they deliver, according to Marcus & Millichap's Dave Knobler. He and SVP Chico LeClaire just handled one such transaction—an undisclosed LLC purchased Blue Llama Storage Alamo Ranch, a 78k SF self-storage facility in San Antonio. Dave says purchasing during construction is riskier—the buyer has to handle lease-up, and there are financing constraints—but more companies are doing these deals because there's less competition and they can get the properties at a discount.

Dave's kids had fun playing around in Blue Llama Storage Alamo Ranch before it delivered—here they're showing off a 10x20 unit. Dave says its location in Alamo Ranch made this asset even more appealing; the lease-up risk is lower there. He and Chico listed this property at $7.3M and received four offers at great pricing.