Lee & Associates – North San Diego County Completes the $4.1 Million Sale of Portico Self-Storage

Calexico, Calif.—October 11, 2016— Lee & Associates Self Storage Group, has completed the $4,100,000 sale of Portico Self Storage, located at 2420 Enterprise Road in Calexico, California.  The 55,510 square foot facility is situated on 3.46 acres, is comprised of 47,710 square feet of storage, 7,800 square feet of covered RV parking, and includes 451 storage units.

Garrett Sholer of Lee & Associates – North San Diego County represented the Buyer, StaxUp Storage-Portico, LP. Clifford Crowe, also of Lee & Associates – North San Diego County, represented the Seller, Calexico Self Storage LLC, in the transaction.  At the time of the purchase approximately 88% of the property was occupied.

Sholer stated, “Portico Self Storage is a high quality, well maintained facility in a “C” area. The site was a logical addition to the buyers portfolio, which includes other properties within the area. The seller fully acquiesced to the buyer’s terms, seven months after their initial purchase offer, submitted in December of 2015. This was an exceptionally challenging escrow due to severe title issues and lack of historical information obtainable from the Seller. The issues were eventually remedied during escrow.” Sholer added, “Ultimately, this could be considered a distressed sale because the seller was more than 40 days past their loan maturity date at the time of closing.”

Sholer is part of Lee & Associates – North San Diego County’s self-storage group.

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Celebrating more than 37 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in North America with locations across the U.S. and  Canada including California, Colorado, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Texas, Vancouver BC and Wisconsin. With more than 800 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn and Twitter.