November 15, 2016
Los Angeles-based CBRE Group, Inc. completed the sale of a Storage Max Self-Storage in Rancho Cucamonga, CA, for $13.5 million, or $162.17 per square foot. The 83,430-square-foot property is located at 8363 Foothill Blvd.
CBRE’s Nicholas Walker represented the sellers, a local ownership group. So far this year, Walker’s team has closed more than $250 million in self-storage deals, and has an additional $400 million under contract or on the market.
Walker says, “The price per square foot in this latest deal illustrates the incredibly high demand for storage facilities in good locations. With residential units trending smaller in size while rents are climbing, the demand for self-storage space is tremendous.”
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