Levin Johnston Facilitates $18.78 Million Self-Storage Facility Sale in Fremont

The Levin Johnston team of Marcus & Millichap has closed the $18.775 million sale of a 49,922 square-foot, 568-unit Extra Space Storage facility in Fremont, California, representing a significant transaction in the Bay Area commercial real estate market. The sale demonstrates ongoing investor confidence in self-storage properties as stable assets during economic uncertainty and highlights strategic portfolio reallocation opportunities for real estate investors.

Adam Levin, Executive Managing Director of Levin Johnston, explained that the seller, a private real estate investor who previously focused on multifamily properties, held the professionally managed Extra Space Storage facility for five years. This investment provided stability during what Levin described as an uncertain and sometimes volatile period for the Bay Area. The seller decided to leverage favorable market momentum and heightened regional interest to trade back into multifamily assets, citing the strong economic base and enduring appeal of the area as a place to live and work.

The transaction represents a strategic shift in investment approach that reflects broader market trends. Levin noted that his team brought additional value through leveraging its extensive investor network, creating a varied and competitive buyer pool. Drawing upon deep experience with self-storage investors as well as multifamily and other asset-class owners seeking portfolio diversification and long-term value creation, the team consistently attracts a broader, motivated group of buyers. This approach translated into a higher price per square foot, even at a lower cap rate, than recent comparables.

Matthew McCaffrey, Self-Storage Specialist and Investment Associate at Levin Johnston, revealed that the buyer is an institutional self-storage developer, operator, and manager with a portfolio of over 80 owned and operated self-storage properties throughout the country, including several in the Bay Area. The buyer was attracted by the opportunity to scale its Bay Area portfolio and pursue value-add enhancements to the asset over time. McCaffrey emphasized that the buyer's specialization in self-storage and development expertise positions them to increase the asset's long-term value and better cater to demand from surrounding populations.

Demographic trends support the long-term viability of this investment. McCaffrey noted that the Bay Area's population aged 65 and older is expected to grow significantly in coming years, providing a strong base population more likely to utilize self-storage facilities and drive sustained demand. This demographic insight underscores the strategic nature of the acquisition and the broader market opportunity in self-storage investments.

Robert Johnston, Executive Managing Director of Levin Johnston, highlighted the transaction's broader implications for investment strategy. This sale demonstrates the strength of self-storage as both an alternative and a complement to multifamily and other product types, depending on diversification and wealth-building goals. The team is focused on expanding its self-storage platform to continue capturing similar opportunities for clients seeking optimized portfolio performance.

The property's location contributes significantly to its value proposition. Situated in the heart of Fremont, the facility benefits from strong economic drivers from local companies including Facebook and Tesla. Located 1.5 miles from Downtown Fremont and near major lifestyle amenities, the property enjoys easy access to major transportation corridors including Interstate 680, Interstate 880, Dumbarton Bridge, ACE, Amtrak, and BART. Competitive amenities include drive-up access for most units, controlled gated entry, 24-hour surveillance, and on-site moving supplies.

With this transaction, the Levin Johnston team has completed 64 transactions with a total dollar volume exceeding $370 million in 2025 to date, reflecting their significant market presence and transaction volume. For more information about Levin Johnston's available properties, visit https://www.levinjohnston.com.