Trending...
- IN the Spirit" Spoken Word Documentary Set to Captivate Audiences Worldwide in Summer 2025** - 130
- Summit Startup Solutions Launches Innovative, Flexible Support Services for Startups - 104
- California launches new AI-powered chatbot that provides wildfire resources in 70 languages
SAN FRANCISCO - Californer -- Harvest Properties ("Harvest") in joint venture with New York Life Real Estate Investors ("NYLREI"), has expanded its self-storage footprint in the San Francisco Bay area by 1,435 units with the acquisition of facilities in Vallejo and Sonoma in two separate transactions totaling at $44.2 million.
Acquired in an off-market transaction, Best Self Storage Sonoma is an 80,000-square-foot drive-up facility offering 516 units with an average unit size of 155 square feet. It is located at the intersection of 155 Fremont Drive and Mafei Road, one of the highest trafficked intersections in Sonoma with approximately 22,000 vehicles passing by the facility each day.
Vallejo Self Storage is a newly constructed 76,000-square-foot property that features 919-units, all of which are 100% climate-controlled, one of two climate-controlled assets in the Vallejo submarket. In a market characterized by older obsolete product, it is the first self-storage facility to be built in Vallejo in two decades. Located at 384 Fairgrounds Drive, Vallejo Self Storage benefits from 500 feet of frontage along I-80 providing exceptional visibility, high-identity, and convenient access from the nearby Redwood Street on/off ramp.
More on The Californer
The JLL Storage Capital Markets team represented the seller in the sale of Vallejo Self Storage.
The Harvest-led joint venture has engaged Extra Space, the largest third-party self-storage management company in the country, to manage both properties.
"Demand fundamentals continue to improve as high housing costs, urban housing's limited garage/storage space, and a growing renter population have all led to growth in the sector," said Harvest Partner Preston O'Connell. "Investment in self-storage assets have low future capital requirements and offer an operationally lean model with high margins and relatively low maintenance costs compared to other asset classes."
Harvest has a long-standing mission of actively pursuing acquisition opportunities across the Bay Area, with a focus on high-quality assets in supply-constrained markets. That philosophy helped drive the firm's decision to enter the self-storage space.
"Located in supply constrained markets, the Vallejo and Sonoma self-storage facilities wed our long-term investment strategy with our underlying conviction in the region," added Harvest Properties Director of Investments Alex Kaplan. "We believe in the resilience of the sector and the intrinsic value of quality assets in forever locations. We look forward to expanding our self-storage portfolio within the Bay Area."
More on The Californer
"We started our expansion into the self-storage sector in 2024 with the acquisition of three assets in the eastern United States and we're excited to continue that growth on the west coast with these two acquisitions," said Albert Pura, Senior Director of Equity Transactions for NYLREI. "Harvest and NYLREI have a long history of working together and this was an attractive opportunity to expand that relationship."
Harvest (http://www.harvestproperties.com) entered the self-storage sector in 2024, with its development of a 473-unit facility in Napa in 2024, which is now fully leased.
"In Napa, we successfully worked with the city to position our facility as a critical service hub for the area's growing housing and small business needs," O'Connell said. "It was a straightforward concession given the existing use, and we plan to replicate this strategy where appropriate across other infill, land-constrained sites."
Acquired in an off-market transaction, Best Self Storage Sonoma is an 80,000-square-foot drive-up facility offering 516 units with an average unit size of 155 square feet. It is located at the intersection of 155 Fremont Drive and Mafei Road, one of the highest trafficked intersections in Sonoma with approximately 22,000 vehicles passing by the facility each day.
Vallejo Self Storage is a newly constructed 76,000-square-foot property that features 919-units, all of which are 100% climate-controlled, one of two climate-controlled assets in the Vallejo submarket. In a market characterized by older obsolete product, it is the first self-storage facility to be built in Vallejo in two decades. Located at 384 Fairgrounds Drive, Vallejo Self Storage benefits from 500 feet of frontage along I-80 providing exceptional visibility, high-identity, and convenient access from the nearby Redwood Street on/off ramp.
More on The Californer
- MGTT Opens New U.S. Sales Office to Strengthen B2B Support for OEM ODM White Noise Sound Machines
- Fairmint Releases Whitepaper for Open Captable Protocol (OCP) to Advance On-Chain Equity Securities
- Countrywide Fence Rental Expands its Temporary Fence Rental Business in Iowa Area
- Agustina Palma Turns Heads and Defies Protocol at 78th Cannes Film Festival Red Carpet
- Bay Area Riders Break Records on May 15 Bike to Wherever Day
The JLL Storage Capital Markets team represented the seller in the sale of Vallejo Self Storage.
The Harvest-led joint venture has engaged Extra Space, the largest third-party self-storage management company in the country, to manage both properties.
"Demand fundamentals continue to improve as high housing costs, urban housing's limited garage/storage space, and a growing renter population have all led to growth in the sector," said Harvest Partner Preston O'Connell. "Investment in self-storage assets have low future capital requirements and offer an operationally lean model with high margins and relatively low maintenance costs compared to other asset classes."
Harvest has a long-standing mission of actively pursuing acquisition opportunities across the Bay Area, with a focus on high-quality assets in supply-constrained markets. That philosophy helped drive the firm's decision to enter the self-storage space.
"Located in supply constrained markets, the Vallejo and Sonoma self-storage facilities wed our long-term investment strategy with our underlying conviction in the region," added Harvest Properties Director of Investments Alex Kaplan. "We believe in the resilience of the sector and the intrinsic value of quality assets in forever locations. We look forward to expanding our self-storage portfolio within the Bay Area."
More on The Californer
- Spiritual Intelligence Explores a New Vision for Humanity's Evolution
- California: Governor Newsom proclaims Small Business Month 2025
- California: Governor Newsom slams RFK Jr.'s plan to target abortion access with bogus "review" of safe, legal abortion medication
- Justin Sielbach Joins 1200 Lakeshore Apartments
- Relief Alliance Featured on Hollywood Red Carpet in Interview with Johnny Venokur
"We started our expansion into the self-storage sector in 2024 with the acquisition of three assets in the eastern United States and we're excited to continue that growth on the west coast with these two acquisitions," said Albert Pura, Senior Director of Equity Transactions for NYLREI. "Harvest and NYLREI have a long history of working together and this was an attractive opportunity to expand that relationship."
Harvest (http://www.harvestproperties.com) entered the self-storage sector in 2024, with its development of a 473-unit facility in Napa in 2024, which is now fully leased.
"In Napa, we successfully worked with the city to position our facility as a critical service hub for the area's growing housing and small business needs," O'Connell said. "It was a straightforward concession given the existing use, and we plan to replicate this strategy where appropriate across other infill, land-constrained sites."
Source: Harvest Properties
Filed Under: Real Estate
0 Comments
Latest on The Californer
- Call for Papers Deadline Approaching – Don't Miss Your Shot to Speak at the OpenSSL Conference 2025!
- Dr Bright Enabulele, Edo 2024 Governorship Candidate, Tells His Story in New Book
- MINISH Veneers Expands Global Footprint with Successful Dental Seminar in Los Angeles
- City of Long Beach Launches Pilot Program to Offer Smart Public Restrooms
- NearFeast Launches in California: A Smarter Way to Discover the Best Dishes Nearby
- SF City Workers Take Over City Hall In Urgent Rally Against Service Cuts and Layoffs
- California: Despite Trump Slump, Governor Newsom's revised budget delivers on housing, education, water, and jobs
- California: A pesar del Tumulto de Trump, el presupuesto revisado del Gobernador Newsom ofrece resultados en materia de vivienda, educación, agua y empleo
- The ROS1ders Announces Recipients of 2024 ROS1+ Cancer Innovation Awards
- City of Long Beach to Celebrate Completion of Artesia Great Boulevard Project
- Fulbright Distinguished Chair in Business & Economics Award for Cal Lutheran Professor
- AUACOM Signs a Statement of Shared Interest with BMCC
- Genstar Capital's Melissa Dickerson Recognized in Leading Private Equity Industry Awards
- HuMOLYTE Launches Patient Experience Survey for Chemotherapy Support
- WWSG Announces Exclusive Speaking Partnership with Patrick McGee, Author of 'Apple in China'
- Multi-Billion Dollar Drone Cleaning Market Addressed via New UAE Office, AI Drone and Quantum Computing Solutions in Varied Industries ZenaTech, Inc
- Databricks Agrees to Acquire Neon to Deliver Serverless Postgres for Developers + AI Agents USA - English India - English
- Whispr Launches as the Chicest Way to Say What You Can't Text
- Calite App Now Available on the Apple App Store – Full Features Unlocked and Ready to Use
- Spac Recovery Co. Files $590 Million Lawsuit Against Blackstone Products, Nomura , Franklin Square, Oaktree et al