In its third 2020 sale transaction, including a recently-completed Escondido development, Laguna Beach-based Self Storage Investment Services has completed the sale of an entitled development site valued at $3.65 million, located at 8016 Broadway in Lemon Grove, CA.
The buyer, Dallas-based Bariso Lemon Grove Self Storage, LLC, will develop the 109,000-square-foot facility. It will feature three stories and a basement, and offer 77,500 square feet of storage space and roughly 5,500 square feet of retail. The seller was VM Holdings of Irvine, CA.
According to Self Storage’s Stephen Grossman, “Self storage assets continue to perform well in the San Diego market. The area continues to have strong growth which drives the need for self storage. The Lemon Grove market is underserved, and this new 109,000-square-foot storage facility was warmly received by city officials. The facility should be operational in the summer of 2021.”