Ramser Development has acquired Lockaway Storage, a 26,000-rentable-square-foot facility in Castro Valley, Calif. Cushman & Wakefield brokered the sale on behalf of the seller, a private investor based in Northern California. The firm also procured the buyer in the transaction.
Situated at 8555 Dublin Canyon Road, Lockaway Storage is alongside Interstate 580, approximately 30 miles from downtown San Francisco and 36 miles from San Jose. Castro Valley is a primarily residential community, with roughly 8,000 units completed or under construction within a 5-mile radius, according to Yardi Matrix data.
“This strategic location has ensured the project maintains high occupancy (more than 95 percent) and will provide the buyer with excellent long-term cash flow potential,” said Greg Wells, senior director at Cushman & Wakefield, in prepared remarks.
Constructed in 2007, the six-building storage asset occupies more than 8 acres and comprises units ranging from 25 to 300 square feet. The property is gated and features drive-up access, climate-controlled storage spaces and security cameras. The storage facility also features 135 outdoor RV and boat parking spaces.
“As a leader in employment and economic growth, the San Francisco Bay Area region is one of the most dynamic areas in the country and is a very difficult market to penetrate. Because of this, Lockaway Storage generated interest from a wide variety of capital sources,” added Wells.
Image courtesy of Cushman & Wakefield