Construction of the first phase of a self-storage facility in south Napa, aimed at local winemakers and collectors of luxury art and vehicles, has been completed, and approximately half of the newly built commercial condominiums are already reserved.
24 of the 43 units in the first three buildings, completed in October on the Napa Vault project, are already reserved, according to the project’s website. Overall, the project at 1055 Soscol Ferry Road, southwest of the intersection of Highway 29 and Napa Vallejo Highway, has been approved for 124 units in 11 buildings plus a clubhouse.
According to Laura Duffy, who leads the JLL leasing team for the project, most buyers are local winemakers looking to store their libraries or high-end cars.
“I’m overwhelmed by the number of high-end car collectors in the area who have run out of garage space at home,” said Duffy.
The units are rated from 768 (16 feet x 48 feet) to 2,000 square feet and have an internal clearance of 24 feet. Most are about 1,000 square feet and 20 or 24 feet wide. And adjoining units can be combined for areas of up to 5,000 square meters.
Phase 1 prices are currently between $ 324,000 and $ 428,000.
The developer is Storage Tech Inc., a Napa-based company founded by Peter Bedford in 2019. He developed Napa Valley Corporate Park in the 1980s before retiring as an executive at Bedford Property Investors, a publicly traded real estate mutual fund that built and operated 44 million square feet of office and industrial space in the western states.
These units are known as garage apartments in the self storage industry and are considered to be the high end of the RV storage business. The facilities range from open lots and carport spaces to closed rental apartments and sales units that are large enough for 12 m long coaches, as well as amenities such as air conditioning, sanitary facilities and connections for television and data.
Demand for storage space in general is increasing due to both the resurgence of RV travel by a hotel-cautious public during the pandemic and the need for excess space to store residential and business items during the transition from urban areas or the downsizing of office space due to the Company to Forbes and the RV Industry Association.
A recent study by Go RVing found that 11.2 million households now own an RV, an increase of 26% over the past 10 years and 62% over the past two decades. The RV trading group found in the survey results that almost a quarter of current RV owners are under 35 and 84% of those younger owners plan to buy a new RV in the next five years.
Devcon Construction is the general contractor for the project.
Jeff Quackenbush covers wine, construction, and real estate. Prior to the Business Journal, he wrote for the Bay City News Service in San Francisco. He graduated from Walla Walla University. Reach him at [email protected] or 707-521-4256.