(EDITOR’S NOTE: According to information from the company, the property sold for $6.25 million, or approximately $287 per square foot.)
LONG BEACH, Calif. –– Ramser Development Company, a multi-generational, vertically integrated developer and operator of recreational vehicle (RV) and boat storage facilities, today announced the disposition of 5117 Atlantic Avenue in Long Beach, Calif., a 1.25-acre retail property NNN fully-leased to Dollar Tree and Family Dollar, Inc. The asset’s sale represents a strategic move for Ramser Development, as the company plans to reallocate the proceeds into one or more facilities in its core business of RV and Boat Storage, self-storage and industrial outdoor storage.
“Ramser Development Company is focused on growing its portfolio of core assets in 2023,” said Scott Ramser, founder and chief executive officer of Ramser Development Company. “While we are pleased with the performance of the Long Beach retail investment, our firm is looking to redeploy the capital from this sale into our primary investment strategy.”
Ramser Development’s established portfolio includes over 1.5 million rentable square feet of RV and Boat Storage property, and over 6,200 indoor and outdoor storage spaces. The firm is aggressively pursuing new indoor and outdoor RV and Boat Storage investment opportunities in select locations throughout the Sunbelt, Mountain West and Pacific Northwest regions of the U.S.
Ramser Development acquired 5117 Atlantic Avenue in 2019 as part of a 1031 exchange. The infill property was built in 1955 and renovated in 2016 and consists of two free-standing buildings totaling 21,779 rentable square feet, and 51 parking spaces. It is well-positioned along Atlantic Avenue, a primary retail corridor through central Long Beach, and is accessible to a population of more than 680,000 people within a five-mile radius.
Dollar Tree and Family Dollar are national credit tenants with a recent upgrade of their investment grade credit to BBB and are considered essential U.S. retailers.
Phil Ramming of Faris Lee represented Ramser Development in the sale transaction, while the buyer, a private investor, was represented by Mark Repstad of Southland Commercial Real Estate.
“2022 was a fascinating and chaotic year for commercial real estate, and a pivotal time for Ramser Development where we took several measures to sharpen our business approach and improve overall operations,” added Ramser. “As market conditions shift and opportunities arise in 2023, the company is well-positioned to execute on new potential investments.”
Among other assets, Ramser Development’s portfolio includes a 1,200-space facility in Irvine, Calif., at Orange County’s Great Park. The project opened in February 2022 and has been leasing at an impressive rate of 76 move-ins per month. Currently at 50% occupancy, Ramser Development anticipates the asset to stabilize in 2023. The company’s Altamonte Springs, Fla. RV Storage Depot, the largest RV and boat storage facility in the U.S., continues to overperform and is nearing construction completion on 14 acres of expansion land within the site.
ABOUT RAMSER DEVELOPMENT COMPANY
Ramser Development Company is a multi-generational, vertically integrated developer and operator of RV and Boat Storage, self-storage and industrial outdoor storage facilities. The Newport Beach, Calif.-based firm was founded in 1986 as an industrial real estate development firm by Scott Ramser and his grandfather Harold. Today, Ramser Development focuses on acquiring value-add assets and developing facilities in select high-growth markets within the Sunbelt, Mountain West and Pacific Northwest regions of the U.S. Since inception, Ramser Development has acquired, developed or entitled more than 10 million square feet of industrial or self-storage real estate. The firm capitalizes its properties on a deal-by-deal basis and is looking to deploy $100 million over the next 12 months.
