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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.

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