Fund Adds 3,746 Units to Existing Self-Storage Portfolio in U.S., Which Now Includes 19 Assets
New York NY— A fund sponsored by CBRE Global Investors has acquired four self-storage assets (“Portfolio”) totaling 3,746 units across 296,286 square feet. The facilities are in Boulder, Colo., Vista, Cailf., Bothell, Wash, and Lake Stevens, Wash. The fund now owns 19 self-storage assets across the United States, totaling 13,650 units.
The recently acquired assets, which were all delivered in 2020, are:
- StorQuest Vista, CA, located 943 South Melrose Drive, includes 899 climate-controlled units across 74,416 square feet.
- StorQuest Boulder, CO located 4790 Pearl Street, includes 772 climate-controlled units across 69,115 square feet.
- StorQuest Bothell, WA located at 21008 Bothell Everett Highway, includes 1,155 climate-controlled units across 74,805 square feet.
- StorQuest Lake Stevens, WA located at 1113 WA-204, includes 920 climate-controlled units across 77,950 square feet.
“These recent StorQuest acquisitions are located in markets that are typically undersupplied with this product type,” said Justin Shanahan, a director with CBRE Global Investors. “Given the local market demand drivers and barriers to entry, coupled with the robust population and job growth that is present in each market, we believe we will be able to continue the robust leasing momentum at the facilities.”
Ethan Khalil, Commercial Acquisitions for CBRE Global Investors, continued, “We believe that the Portfolio is well-positioned to achieve and maintain its fortress positions within each market and generate strong returns over a long-term hold. By acquiring the Portfolio during various stages of lease-up, we believe we will be able to generate attractive risk-adjusted returns at a premium to comparable stabilized product.