A fund sponsored by CBRE Group Inc.’s CBRE Investment Management has acquired a portfolio of 14 self-storage assets located in Southern California and Utah totaling 8,697 units for an undisclosed sum.
The fund now owns 100 self-storage properties across the U.S., totaling 55,477 units.
The assets, which will operate under the StorQuest brand, are primarily single-story drive-up units in the key infill markets of Los Angeles, the Inland Empire, San Diego and Salt Lake City. The portfolio iis currently 95% leased.
“Self-storage investment continues to be a preferred strategy for us as the user demand in this sector has continued to broaden and grow significantly in recent years due to structural and demographic trends,” Sondra Wenger, head of Americas Commercial Operator Division for CBRE Investment Management, said in a statement. “This specific portfolio offered a unique opportunity to acquire a high-quality set of units that are positioned at optimal locations for traffic counts, customer accessibility, site security and strong local market economic fundamentals.”
Nick Walker, vice chairman of CBRE’s National Self Storage Advisory Group, represented the seller in the transaction. In addition, Tom Traynor and James Millon of CBRE’s Large Loans division, along with Talonvest, arranged the financing in the transaction.
“This portfolio offered an investor the rare opportunity to enter some of the best-performing markets in the country with a set of 14 attractive self-storage facilities that are nearly impossible to replicate,” Walker said. “All of the properties are situated in optimal locations for maximum traffic count, visibility, customer density and site security.”