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Self-Storage Asset Nets $8M

SAN DIEGO-The OliverMcMillan affiliate Island Storage LLC snaps up the 80,000-sf asset and its adjacent 5,000-sf parking lot. Built in 1929, the facility stands on the site where seller Klauber-Wangenheim first opened in 1869.

By Erin Cassin | Updated on December 17, 2003

SAN DIEGO-Klauber-Wangenheim has sold its self-storage asset that stands at 611 Island Ave., the same site where the business first opened in 1869.

An affiliate of OliverMcMillan, known as Island Storage LLC, has shelled out $7.7 million for the 80,000-sf asset and its adjacent parking lot, which encompasses 5,000 sf. The four-story, self-storage building holds approximately 900 units, which were 90% occupied at the time of sale.

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