Palm Springs self-storage gets new owner

Vacancy rate considerably high at closing

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A limited liability company has sold a large self-storage facility in Palm Springs, Calif., for an undisclosed price. Palm Springs Self Storage LLC c/o Granite Investment Corp. unloaded the 107,910-square-foot building on buyer Public Storage. Located at 1000 S. Gene Autry Trail, the 805-unit asset was approximately 60 percent occupied at the time of sale. The project opened in September 2006 and leased approximately 60,000 square feet in its first year of operation, according to a press statement. ...