SoCal self-storage deal tops $11 million

Asset has high vacancy rate

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Grubb & Ellis/BRE Commercial's Self Storage Group recently facilitated the sale of La Costa Meadows Self Storage, a 119,000-square-foot facility in San Marcos, Calif. The sale was valued at $11.6 million. The property, located at 1750 La Costa Meadows Drive, features more than 1,000 units. Built in 2004, the project was approximately 50 percent occupied when the transaction closed. La Costa Meadows LLC sold the property to Stuart Tanz of United Income Properties. San Diego-based Grubb & Ellis/BRE Commercial is a privately held commercial real estate brokerage operating in Southern California and Arizona. ...