Buchanan Bulks Up with Off-Market Self-Storage Facility

Newport Beach-based Buchanan Street Partners acquired a three-story climate-controlled self-storage facility located at 1340 North Melrose Dr. in Vista in northern San Diego County. The 112,000-square-foot facility is comprised of 1,200 self-storage units and 50 RV parking spaces.

Buchanan purchased the property for $34 million in an off-market transaction from the seller, Chicago Capital Funds, which developed the property and is managing the facility under its operating brand U-Stor-It. The transaction marked the second San Diego area self-storage facility acquired by Buchanan last year.

Having received a certificate of occupancy in February 2021, the property was acquired by Buchanan during lease-up. The class-A self-storage facility is located near the intersection of North Melrose Drive and Oceanside Boulevard, providing storage space to surrounding residents and businesses in northern San Diego. Buchanan intends to retain U-Stor-It as the property manager for the facility.