Search
 

CT Picks Up Self-Storage Asset

CHULA VISTA, CA-CT Self Storage Fund shells out $6.9 million for the property, which stands at 1160 Third Ave. here. The asset encompasses a total of 90,000 sf.

By Erin Cassin | Updated on March 08, 2004

CHULA VISTA, CA-CT Self Storage Fund has added another asset to its growing Southland portfolio, having recently picked up a 90,000-sf self-storage facility in Chula Vista.

The fund, which is sponsored by Newport Beach-based CT Realty Corp., has picked up the self-storage property for $6.9 million. Located at 1160 Third Ave., the facility was about 75% occupied at the time of sale, according to Greg Wells of Grubb & Ellis/BRE Commercial, who brokered both sides of the transaction. He tells GlobeSt.com that this 75% occupancy level is “where the upside (in the asset) is,” since “the Chula Vista market is 90%-plus.”

As Wells explains it, seller CV Storage Holding LLC is not a self-storage owner/operator and actually owns just one other self-storage facility that it is also selling. The LLC was “a very hands-off owner/operator and CT saw the upside in buying a property from somebody that just did not pay attention to the day-to-day management,” Wells tells GlobeSt.com.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.