Self-storage complex sells for $15 million
A 280,000-square-foot self-storage complex in north Reno has been sold for $15 million.
The complex is the largest in the region, as measured in square footage. It includes 1,147 units and outdoor storage spaces.
Seal Beach Associates LLC, a California investment company, purchased the North Valley Self Storage at 9900 N. Virginia St. from North Valley LLC, a group of eight investors headquartered in Reno. The new owners will rename the project “Safe Storage.”
Tyler Clay of Coldwell Banker Plummer & Associates brokered the sale.
The property had been on the market for about seven months. Clay noted that the previous owners completed an expansion project that doubled the size of the self-storage complex earlier this year.
That expansion boosted the sales price of the project. On the other hand, Clay said, it meant that potential buyers needed to estimate how much of the project ultimately will be rented as the newly added space steadily filled during recent months.
The first phase of the project was developed in 2004.
Today, RSAR published its newest monthly market report, revealing a median price for single-family homes of $415,000 for Reno/Sparks in March.