Buchanan Street Extends into NorCal with Self-Storage Buy
Buchanan Street Partners, LP, a Newport Beach-based real estate investment management firm, has entered the Northern California market, acquiring a stabilized, institutional quality self-storage facility located at 12200 Rock Creek Rd. In Auburn.
The 116,500-square-foot facility, comprised of 825 self-storage units and 40 RV parking spaces, was purchased for $20.75 million in an off-market transaction with a private owner operator. Westport Properties, Inc. will act as the property manager for the facility, operating the property under its US Storage Centers brand.
“The Auburn transaction represented a unique opportunity for us to acquire a high-quality stabilized self-storage property near replacement cost and with plenty of upside potential through professional third-party property management,” said Buchanan VP Feerooz Yacoobi. “Aside from operational efficiencies and enhancing the online presence for the facility, the property offers an additional value-add opportunity with over two acres of vacant land that could allow for future expansion.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).