Inland Empire self-storage facility trades in California

LOS ANGELES, July 31, 2024 - JLL Capital Markets announced today that it has completed the sale of Bear Valley RV Park and Self Storage, a 726-unit self-storage facility in the Inland Empire community of Hesperia, California.

JLL represented the seller, and procured the buyer, Merit Hill Capital, a real estate investment firm based in Brooklyn, New York that is focused on self-storage and owns 382 properties in the U.S., including 30 properties in California.

Bear Valley RV and Self Storage is positioned on a 49.6-acre site at 18435 Bear Valley Rd., which has a daily traffic count of more than 52,500 vehicles. Additionally, the property is just east of Interstate 15 that runs through Las Vegas, Salt Lake City and north to Canada. The immediate Hesperia, California area is well populated and home to approximately 50,000 people, many of which are growing younger families.

Completed in 1996, Bear Valley RV and Self Storage consists of a mixture of single-story, permanent structure, RV parking units, surface parking units and portable storage units. The facility features electronic gate access, 24-hour video surveillance, climate-controlled units and an on-site office. Bear Valley RV and Self Storage is managed by Right Move Storage and is 87% occupied.

The JLL Capital Markets Self-Storage team was led by Managing Director Brian Somoza.

"Self-storage as an asset class has been extremely resilient and has consistently performed well relative to other asset class over the past five-, 10- and 15-year periods," Somoza said. "Due to this, Bear Valley was extremely well-received by the market and we had a significant amount of investor interest given its location and historic performance in a growing market in California."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL's newsroom.

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.