X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN DIEGO-Klauber-Wangenheim has sold its self-storage asset that stands at 611 Island Ave., the same site where the business first opened in 1869.

An affiliate of OliverMcMillan, known as Island Storage LLC, has shelled out $7.7 million for the 80,000-sf asset and its adjacent parking lot, which encompasses 5,000 sf. The four-story, self-storage building holds approximately 900 units, which were 90% occupied at the time of sale.

Located in the heart of the city, the building stands adjacent to the Gaslamp District, one block from the new Petco Ballpark, and four blocks from the convention center. This area once marked the road from the city to Arizona and to Mexico, in the days before modern highways. Built in 1929, the self-storage facility previously served as a “pioneer-merchandising venture,” according to the BRE Commercial/NAI brokers who worked on the recent sales transaction. It is currently ranked second on the local registered list in the Center City East Redevelopment District of Historical Sites.

Tim Winslow and Greg Wells of BRE Commercial/NAI acted on behalf of Klauber-Wangenheim, which has had continuous family operation since its inception in 1869. The same BRE Commercial/NAI duo represented Island Storage LLC, which plans to rehab the recently acquired building while continuing to operate its as a self-storage entity.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.