Sno-Cap Mini Storage facility in Sisters has been sold for $3.05 million to Blue Elephant Storage, a positive sign for the commercial real estate sector amid concerns that COVID-19 will slow down real estate deals.
Blue Elephant Storage, which owns storage facilities in Bend and La Pine, financed the acquisition with cash, according to Brian Fratzke, the broker who represented the seller. The facility has 280 storage units.
The sellers, John and Peggy Tehan, owned Sno-Cap for 14 years, according to Fratzke.
The deal was the first to go into escrow for Fratzke Commercial Group since COVID-19 shut down much of the state’s economy in mid-March. Fratzke said while the deal was in escrow he was still receiving inquiries from other interested parties.
“The majority of people who called were outside the state of Oregon — Texas, Illinois, California, Wisconsin, South Carolina,” said Fratzke. “The activity levels were very high from local investors and from those outside the state. At the end of the day the sales price was not impacted by COVID.”