8/22/2008

Grubb & Ellis finalizes $8.6M sale of California self-storage property

by
Lockaway Storage has sold a 533-unit self-storage property in the San Jose suburb of Sunnyvale, Calif., for $8.6 million to Bay Area-based Dividend Capital Group.

Lockaway was represented in the deal by Greg Wells of Grubb & Ellis/BRE Commercial.

The property is located adjacent to Highway 101 at 222 W. Ahwanee Ave. and was 90 percent occupied at the time of sale. It includes 45,500 rentable square feet.

Dividend Capital currently operates six other self-storage locations.

Wells is a member of Grubb & Ellis' self storage property group in the firm's San Diego office. He specializes in investment properties.

Address: 222 W. Ahwanee Ave., Sunnyvale, Calif.

Size: 45,500 square feet/533 units

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Filed Under: Self-Storage

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