SAN FRANCISCO, CA | The LeClaire Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Storage By George! and Napa Valley Wine Storage, a 128,025 square foot storage facility located in Napa, California.
Charles “Chico” LeClaire, Executive Managing Director Investments, and Adam Schlosser, Senior Vice President Investments, in Marcus & Millichap’s Denver, Colorado office, had the exclusive listing to market the property on behalf of the Seller. Jim Markel out of the firm’s Encino, CA office also assisted with the transaction. “The exceptional Napa location and the uniqueness of the wholesale and retail wine storage components made this facility one of the most sought after ‘one off’ deals in my 30 years of selling self storage,” LeClaire said. “We had dozens of offers from all segments on the market — from the storage REITs to local vintners. The price achieved exceeded everyone’s expectations,” Schlosser added. The Seller was a local owner that constructed the facility over a span of 20 years. The Buyer was Baranof Holdings in a joint venture with Invesco Real Estate, a global real estate investment manager.
Storage By George! consists of 964 climate and non-climate controlled units, 307 individual wine lockers and warehouse space that stores 500 pallets of cased wine. Storage By George! is optimally located on the south end of Napa on Golden Gate Drive. Napa is known around the world as a premier wine region with hundreds of vineyards lining the local landscape. It is a popular tourist destination for wine and food lovers from around the world and had over 3.85 million visitors in 2018 alone, according visitnapavalley.com. There are approximately 89,317 people within a five-mile radius of the property with an average household income of $100,819, well above the national average.