Merit Hill Capital has acquired Upland Self Storage, a 70,570-square foot facility in Upland, Calif. A private individual investor sold the asset for $12.2 million, according to Yardi Matrix, which also notes that the buyer owns two other facilities totaling some 170,000 square feet in the metro. JPMorgan Chase provided the financing for the purchase. Cushman & Wakefield represented the seller. At the time of transaction, the facility had an occupancy rate of 83 percent.
Located on 5 acres at 135. S. Campus Ave., the property encompasses 834 units spread across 11 single-story buildings completed in 1977. Upland Self Storage provides on-site management, truck rentals and a retail space, as well as such amenities as drive-up access, both auto and RV parking and security cameras, according to Yardi Matrix data. Situated close to the intersection of Euclid Avenue and Interstate 10, the facility features more than 1000 residential units within a 1-mile radius.
The brokerage team that negotiated the deal included Vice Chairman Mike Mele, Executive Managing Director Luke Elliott and Director Devin Beasley, from Cushman & Wakefield’s Self Storage Advisory Group, which is based in Tampa, Fla.
Last August, Merit Hill Capital acquired Safe Keeping Self Storage, an 88,150-square-foot property in Houston. JLL assisted the seller in that transaction.