Self-Storage Shuffle: $8.2M Sale Sends Boxes Packing in Fresno

Profile Piece: Cherry Ave Self Storage Transaction

Overview

The Cherry Ave Self Storage facility, a 1,085-unit property in Fresno, California, has been sold for $8.2 million. This strategic acquisition underscores the property's prime location and the strong demand for self-storage solutions in the area. The transaction closed on May 15, 2024.

Property Details

• Location: 1844 S Cherry Ave, Fresno, California
• Acreage: 5.74 acres
• Units: 1,085
• Price Per Unit: $7,558
• Visibility: Excellent visibility from State Route 41
• Proximity: Less than a mile from downtown Fresno

Market Context

The self-storage market in Fresno is notably underserved, making the Cherry Ave Self Storage facility a valuable asset. Its location near a major route and close to downtown Fresno enhances its appeal for both residential and commercial customers seeking convenient storage solutions.

Transaction Details

• Transaction Amount: $8,200,000
• Buyer: PSC Fresno, LLC (an affiliate of Pratt Street Capital, LLC)
• Seller: Public REIT
• Broker: Brian Somoza, JLL
• Closing Date: May 15, 2024

Brokerage and Facilitation

The transaction was facilitated by JLL Capital Markets, under the leadership of Managing Director Brian Somoza. JLL's expertise and strategic guidance were pivotal in closing this high-value deal, which highlights the ongoing demand for quality self-storage facilities in key markets.

Strategic Significance

The acquisition of Cherry Ave Self Storage by PSC Fresno, LLC represents a strategic investment aimed at capitalizing on the burgeoning demand for storage units in Fresno. With its substantial unit count and prime location, the facility is well-positioned to serve a wide range of storage needs in an underserved market. This transaction is expected to enhance the buyer's portfolio and strengthen their presence in the Central California market.

Conclusion

The sale of Cherry Ave Self Storage for $8.2 million, which closed on May 15, 2024, reflects the growing interest and investment in self-storage properties, particularly in markets with high demand and limited supply. With JLL Capital Markets' adept handling of the transaction, both the buyer and the seller have successfully navigated this significant deal, paving the way for future growth and development in the Fresno self-storage sector.

🔒📚 Hi! I'm Eric Manning, a self-storage operations nerd and lifelong learner. 🗝️ My articles blend industry know-how with a dash of humor and wisdom. Whether you're a storage newbie or a pro, join me as we explore the world of storage, one witty insight at a time! 📦😊🔑