Buchanan Cites Top 25 MSA as Impetus for Portland Storage Buy
Newport Beach-based Buchanan Street Partners acquired a recently constructed three-story 102,450-square-foot climate-controlled self-storage facility located at 6191 SE Powell Blvd. in Portland. Buchanan Street purchased the property for $22 million from Leon Capital Group in an off-market transaction.
Having received a certificate of occupancy in July 2020, the property was acquired during lease up. This new self-storage facility is approximately four miles east of downtown.
“The Portland transaction represented an opportunity to acquire a new class-A facility located in a top 25 MSA. The facility is situated in an extremely dense trade area and has demonstrated an impressive lease-up velocity to date,” said Feerooz Yacoobi, vice president, Buchanan Street Partners. “This acquisition is indicative of the varied opportunities that we’re looking for within our greater portfolio. In addition to stabilized assets, we will pursue early lease up and certificate of occupancy opportunities in dense and high-growth markets where storage demand remains strong.”
Buchanan Street selected Westport Properties to handle property management responsibilities and will rebrand the facility as a US Storage Centers location under Westport’s operating brand.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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