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Stockton, CA – April 14, 2022 - Senior Vice President Tom de Jong and Transaction Coordinator Dana Chobor of Colliers’ Self Storage Group represented both the buyer, Northwest Building, LLC, and the seller, Hammer Lane, LLC, in the $25.0 million acquisition of the Hammer Lane Self Storage facility in Stockton, California. The sale closed on March 31, 2022, and it marks the fourth Colliers Self-Storage Group transaction with Northwest Building, LLC as buyers and the first closing with Hammer Lane, LLC as the sellers.
The subject property is located at 6220 Sampson Road in Stockton, California and totals 109,800 square feet of rentable storage space across 625 units. The fully stabilized self-storage asset included 109,800 square feet of fixed storage in 526 units and an additional 49,064 square feet of parking in 99 units. The purchase price of $24,975,000 equates to $227 per rentable square foot and $39,960 per unit. The property traded at a CAP rate of 3.8 percent with a projected year-one CAP rate of 5.5 percent.
Tom de Jong and Dana Chobor are pleased to have delivered on behalf of their clients with this deal. The Colliers Self-Storage team specialize in the sale, development, and disposition of self-storage and industrial assets throughout the U.S. and have completed transactions totaling in excess of $475 million. For more information on this transaction or to inquire about future self-storage acquisition and disposition opportunities, please contact Tom de Jong.
Tom de Jong, MBA SIOR
Senior Vice President
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 66 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.3 billion ($3.6 billion including affiliates) and $45 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.