Solana Beach Storage Finds New Owner After Long-Time Hold

Solana Beach Storage was one of the first self-storage projects to be developed in San Diego County and was still owned by the original developer, Solana Beach Storage LP, until its recent sale. The buyer was Invesco Real Estate, a global real estate investment manager, in partnership with Baranof Holdings. The purchase price was undisclosed.

Solana Beach Storage totals 83,000 rentable square feet and 895 units. It was 92 percent occupied at the time of sale.

Solana Beach Storage serves the surrounding areas of Del Mar, Rancho Santa Fe, Encinitas and Fairbanks Ranch.

Greg Wells, Luke Elliott and Mike Mele with Cushman & Wakefield’s self-storage advisory group handled the transaction on behalf of the seller.

“Solana Beach Storage represented an unmatched opportunity in the market today,” said Wells. “The combination of an irreplaceable location, very high barrier to entry market and tremendous trade area demographics make this asset a great addition to the buyer’s growing self-storage portfolio.”