REIT expands self-storage space

Marcus & Millichap negotiated the sale of Loveridge Self Storage in Pittsburg, Calif.

The value of the transaction was $12 million.

Silicon Valley Diversified sold the property to Public Storage, a self-storage owner and a publicly traded REIT.

Built in 2003, Loveridge Self Storage is located at 1275 California Ave. The facility is part of the Loveridge Center, a mixed-use development with tenants that include Starbucks, Jack in the Box, Chevron and other national retailers. Loveridge Self Storage consists of 120,455 square feet with 1,013 units situated on 4.4 acres.

Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.

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