extra space Deal Called "The largest single-property sale in self-storage history"

Posted by Modern Storage Media on Oct 5, 2024 7:16:39 AM

Investment firm Hines has stuck a deal to acquire a three-story self-storage facility in Cerritos, California for $91 million. CBRE, which brokered the deal, called the sale of the Extra Space Storage asset, the "largest single-property self-storage sale in history."

 

The Extra Space Storage facility features 2,460 storage units. At the time of sale the facility was more than 88 percent occupied. This 260,273-square-foot facility is located at 17900 Crusader Ave. on a 4.95-acre site adjacent to the Interstate 605 freeway. More than 634,000 residents live within a five-mile radius of the property, with an average household income of approximately $117,000.

 

Nick Walker and Trevor Roberts of CBRE’s Self Storage Advisory Group represented the seller, a joint venture between Los Angeles-based self-storage developer Capital 360, LLC and Charlotte-based global investment firm Barings.

 

“This is the largest single-property self-storage sale in history and our team fielded many competitive offers throughout the marketing process,” said Walker. “This asset offers cutting-edge technology and is strategically located within a highly populated area within Los Angeles County with superb demographics. The quality of the asset is truly unmatched.”

 

The site was originally purchased by Capital 360 and Barings in 2018.