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NEWPORT BEACH, CA-Two self storage properties, one in Moreno Valley and the other on Foothill Boulevard, have sold for a combined $15.5 million in two separate deals, according to a Lee & Associates broker who was the listing agent on both transactions. Stephen Grossman, a senior vice president in the Newport Beach office of Lee & Associates, reports that one of the properties is called Self Storage Depot in Moreno Valley Ranch and the other is a development called 210 Self Storage at 12361 Foothill Blvd. in Los Angeles.

The Moreno Valley Ranch facility comprises 117,000 net rentable sf demised into 850 units. In addition to its existing units, the property includes entitlements for a phase two expansion of 119 self-storage units and 83 recreational vehicle spaces.

The buyer of the Moreno Valley Ranch facility was SecurCare California, based in Lone Tree, CO. Grossman notes that SecurCare is among the larger privately held real estate corporations specializing in the ownership and management of self-storage investments. The Colorado-based company operates throughout the western and southeastern US.

SecurCare bought the property from Moving & Self Storage Depot LLC, a privately held development company based in Corona, CA. Grossman represented the seller, with SecurCare representing itself.

In the other self-storage deal, publicly held Extra Space Storage Inc. of Salt Lake City bought the 210 Self Storage property from Morelli Brother Enterprises LLC of Los Angeles. Grossman represented the seller, with Extra Space Storage—which owns properties in 32 states and 567 locations throughout the US—representing itself.

The 210 Self Storage project comprises 58,000 sf in 728 units, with frontage on the Interstate 210. Grossman notes that the property’s trade area includes a population of 390,000 within a five-mile radius and that nearly one million cars per week pass by the location.

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