Zippy Shell has bought a vacant lot in San Jose to store portable storage containers for $12 million — three times more than the land traded for in 2021.
An affiliate of the North Carolina-based moving and storage company bought the 3.8-acre lot at 1551 Industrial Avenue, the San Jose Mercury News reported. The seller was LBA Realty, based in Irvine.
The deal works out to $3.16 million per acre. LBA bought the land in 2021 for $4 million, or $1.05 million per acre.
The same year, LBA bought a larger site next door, where it developed a logistics warehouse building, which it leased to FedEx.
It isn’t clear how Zippy Shell intends to use the property next to Interstate 880 and Gish Road.
Similar to other moving services such as PODS, Zippy Shell delivers a secure portable storage container directly to a customer’s doorstep. It then gives the customer a few days to load up the container.
Once the items are packed, Zippy delivers the container or takes it to a temporary storage unit.
“We can store it in one of our nationwide secure facilities until you’re ready to have it delivered to you,” Zippy Shell says on its website.
Zippy Shell, founded in Australia in 2007, in 2018 merged with 1-800-PACK-RAT, in Wake Forest, North Carolina, according to its LinkedIn page. In May, Washington, D.C.-based Carlyle invested $180 million in preferred equity in the firm, following a $160 million investment in 2020.
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