Newly Completed Self-Storage Facility Sold to Extra Space in Glendale, Ca. Listed and Sold by Stephan Grossman $13,800,000.
Glendale, CA, September 21, 2016 – RE/MAX Evolution Commercial announced that it recently completed the sale of newly constructed self storage property located in the city of Glendale, Calif. for $13.8 million. The facility closed at Certificate of Occupancy.
Stephen Grossman, Vice President was the sole broker in the transaction. This is the second C of O property Grossman has brokered to Extra Space Storage. Both properties total over $23 million in value. The seller of the Glendale property was a privately held real estate development company in Glendale, California. The buyer was a partnership between Extra Space Storage (NYSE: EXR) a national owner/operator of self-storage facilities with over 1,300 self-storage properties in 35 states and San Francisco based real estate investment company.
The newly constructed facility is a well located, modern designed, two-story over basement self-storage property located at 6527 San Fernando Road. The building is the former home of seven-time Oscar winner, Rick Baker’s legendary special effects studio, Cinovation. The improved property has almost 70,000 net rentable square feet of self-storage space demised into approximately 700 storage units . The facility also includes amenities such as an on-site rental office, climate control and surveillance security cameras throughout the property. The property is well situated to serve the entertainment industry as well the communities of Glendale and Burbank in the east San Fernando Valley.