Senior Vice President Tom de Jong and Transaction Coordinator Dana Chobor of Colliers’ Self Storage Group represented the seller, GS Kelly Family Partnership, in the $7.9 million sale of North Main Mini Storage facility in the Monterey Bay town of Salinas, California. The sale closed on October 7, 2021 and was purchased by Kirkland, Washington-based Northwest Building, LLC, one of the Puget Sound’s largest commercial real estate development, investment, and management firms.
The former North Main Mini Storage facility will be operated under the West Coast Self Storage brand name going forward. Centrally located on a primary arterial road at 1105 N Main Street in Salinas, CA in the northwest corner of The Sherwood Gardens Shopping Center the property consists of 28,301 square feet of rentable storage space in 327 units. North Main Mini Storage was established in 1985 and was one of the first mini-storage facilities built in Salinas. The units range in sizes from 5’x5’ to 10’x20’. The property was fully stabilized at the time of sale and had been operating at roughly 99 percent occupancy for many years with affordable rental rates. The sale price of $7.9 million equates to $279 per rentable square foot and $24,159 per unit at an approximate 4 percent cap rate based on projected income.
Tom de Jong and Dana Chobor are pleased to have delivered on behalf of their client with this significant self storage sale. Colliers’ Self Storage Group strives to achieve investment goals on behalf of its clients and can assist with a range of services including investment sales, valuation and advisory services, and integrated marketing strategies to find the right investment opportunities or connect you with the right investors to secure an optimal exit strategy. Backed by the global Colliers platform, Colliers’ Self Storage Group shares information on transaction opportunities, market research, emerging capital sources, and a database of active buyers and sellers in order to achieve results that will exceed your expectations.
For more information on this transaction or to inquire about future self storage acquisition and disposition opportunities, please see Tom de Jong’s contact information below.
For Additional Information:
Tom de Jong, MBA, SIOR
Senior Vice President
tom.dejong@colliers.com
408-282-3829
Media Contact:
Jordan Lehman
Research Analyst
Jordan.Lehman@colliers.com
916-563-3018
About Colliers
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