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THOUSAND OAKS, CA-A private investor from nearby Newbury Park has acquired the 70,000-sf Ventu Park Self Storage project from the property’s L.A.-based developer for $13.3 million, according to FritzCo Real Estate. Fred Simanek of Thousand Oaks-based FritzCo, who represented the seller, tells that the property attracted multiple offers, mainly from other owners of self-storage facilities, although the buyer turned out to be an investor with no other self-storage holdings.

Simanek represented Los Angeles-based developer Spiegel Development, which completed the project in 2004, with the buyer represented by Chris Driscoll and Kris Qualls of Dansk Investments. The property sits on nearly 1.6 acres at 1164 Newbury Rd. and includes more than 3,000 sf of retail space, which is 100% occupied.

Simanek tells that the property generated considerable interest from prospective buyers, including one of the four major self-storage REITs as well as a number of local investors who already own self-storage properties. He points out that the self-storage operation is not likely to face much new competition soon in the City of Thousand Oaks because of high barriers to entry and a lack of land for new projects.

“It’s a great market to have a storage facility because of the barriers to entry,” Simanek comments. The Ventu Park Self Storage property is a freestanding facility adjacent to other commercial development.

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