LOS ANGELES—A W. P. Carey affiliated REIT called CPA: 17-Global has just unloaded a massive self-storage portfolio in one of the largest Southern California self-storage sales ever. National Storage Affiliates purchased the 22-property portfolio for an undisclosed price. The portfolio totals 1.6 million square feet and is located throughout Southern California in Anaheim, Riverside, Apple Valley, South Gate, Harbor City, Grand Terrace, Palmdale, Victorville, Rosamond and San Diego.

“The owner had improved operations across the entire portfolio and with it managed to create an incredible amount of value. Disposing of these assets allowed them to realize their own and their investors’ equity,” Nicholas Walker, SVP at CBRE, tells GlobeSt.com. Walker represented both the buyer and the seller in the transaction.

There is a high demand for self-storage properties, and Walker saw plenty of interest for the portfolio. He fully marketed the asset and received interest from REITS, private equity, pension and endowment funds as well as large operators and foreign capital. “The response was fantastic,” Walker says. “This portfolio allows the buyer to enter new markets with a strong foothold as well as add to their already growing portfolio in existing markets. I am convinced this acquisition will serve them very well over the next 3 to 5 years.” The portfolio had multiple offers from a diverse group of buyers.

With this purchase, National Storage Affiliates is breaking into new markets while expanding their market share, says Walker. The portfolio was also a stable purchase with 92% occupancy, making this a great opportunity for the buyer. “Demand for self-storage properties has been tremendous and continues to grow,” adds Walker. “We see interest from a much wider variety of investors than ever before that are all attracted to the strength of this sector. New buyers are trying to enter the space on a daily basis and that has helped keep the pricing for most properties at all-time highs.”