Seattle & Northwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
High Occupancy for Portland Self-Storage Shows High Demand
There is strong demand for self-storage in Portland, and one facility achieved 80% occupancy in two years of operation as proof, its sales team points out. Hosford Self Storage, a 1,089-unit Class-A self-storage facility, recently sold to Pegasus Group for an undisclosed purchase price.
The property will be managed by Central Self-Storage. The four-story building was constructed in 2018 by the seller, an affiliate of Banner Real Estate Group.
The 87,597-square-foot facility features all climate-controlled units, 24-hour video surveillance, locker units, drive-in loading, elevator access to upper floors and an office.
Situated on 1.29 acres at 685 SE Division Pl. just east of Grand Avenue, Hosford Self Storage is in Portland’s Hosford-Abernathy neighborhood, which has a mix of residential and commercial properties. The facility is visible to more than 59,000 vehicles per day, is surrounded by 210,000 residents within a three-mile radius and there are 47 multifamily projects either proposed or currently under construction in the area.
The JLL team representing the seller was led by Brian Somoza, Steve Mellon and Ira Virden.
For comments, questions or concerns, please contact Lisa Brown
- ◦Sale/Acquisition
