OCTOBER 2024 -- Storage Corner Group, a Bay Area based regional self-storage investor and operator, recently completed an acquisition and recapitalization of an existing self-storage and small-bay, light industrial property located at 218 and 224 Reindollar Ave in Marina, California along the Monterey peninsula. The property represents Storage Corner Group's twentieth successful acquisition and fourth acquisition in the greater California Bay Area MSA. The property, rebranded dually as "Storage Corner Marina" and "Marina Business Park," will be operated by Storage Corner Group's in-house property management team and contains approximately 116,000 net rentable square feet. Storage Corner Group worked collaboratively to structure a mutually beneficial transaction to meet the needs of the existing property ownership, the second and third generation of the original developer, involving a purchase and recapitalization of significant ownership that desired to roll their equity interests forward. Aligning with Storage Corner Group's core investment thesis, the property has a value-add business plan and will undergo a significant renovation to institutionalize its competitive market positioning.
This is the first time, since being originally constructed, that the property has transacted and is the largest self-storage transaction (we are aware of) to have occurred along the Monterey peninsula. This transaction closely aligns with Storage Corner Group's core investment goals of meeting the needs of existing owners through tailored structuring, providing tactical equity capital, and leveraging our local expertise and vertically integrated operating platform.
Storage Corner Group also recently executed self-storage transactions in Pleasant Grove, UT (Provo-Orem MSA) and in Hayward, CA (East San Francisco Bay Area) earlier this year. Storage Corner Group's current portfolio now spans approximately 1,000,000 square feet of self-storage and small-bay light-industrial properties, across California, Utah and Idaho.
For more information on Storage Corner Group, including additional information on current and future projects, visit www.StorageCornerGroup.com.
Comments