High-rise commercial buildings

Sub Markets

Property Sectors

Topics

California CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New call-to-action
California  + Bay Area  | 

Pair of Silicon Valley Self-Storage Facilities Sell for $25M

Two institutional-quality self-storage facilities in the Silicon Valley submarket of Los Gatos traded hands for $25 million. The 84%-occupied facilities, 688 University Ave. and 17443 Farley Rd. West, include a total of 785 units. The deal represents a record-high price for self-storage product in the region.

Marcus & Millichap Levin Johnston’s Adam Levin and Jacob Becher represented the unnamed buyer, a private high net worth family seeking to expand its portfolio, as well as the undisclosed seller, a private high net worth individual.

“This transaction is a strong example of value creation through diversification in the commercial real estate industry,” says Levin, noting that the buyer had historically invested only in multifamily properties, and was accustomed to very tight cap rates.

Levin says that the buyer understood the value in the strategy, and recognized that the higher sale price was the key to securing the property while remaining well within its acquisition criteria.

For comments, questions or concerns, please contact Dennis Kaiser

Connect

Inside The Story

Connect With M&M’s Levin Johnston

About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
New call-to-action
New call-to-action
New call-to-action