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Boulder Self Storage

CBRE Fund Locks Down Four Self-Storage Assets

A fund sponsored by CBRE Global Investors recently acquired four self-storage assets totaling 3,746 units across 296,286 square feet. The facilities are in Boulder, CO; Vista, CA; Bothell, WA and Lake Stevens, WA.

“These recent StorQuest acquisitions are located in markets that are typically undersupplied with this product type,” said Justin Shanahan, a director with CBRE Global Investors. “Given the local market demand drivers and barriers to entry, coupled with the robust population and job growth that is present in each market, we believe we will be able to continue the robust leasing momentum at the facilities.”

The fund now owns 19 self-storage assets across the United States totaling 13,650 units. The recently acquired assets, which were all delivered in 2020, are:

  • StorQuest Boulder, located at 4790 Pearl St., includes 772 climate-controlled units across 69,115 square feet
  • StorQuest Vista, located at 943 South Melrose Dr., includes 899 climate-controlled units across 74,416 square feet
  • StorQuest Bothell, located at 21008 Bothell Everett Highway, includes 1,155 climate-controlled units across 74,805 square feet
  • StorQuest Lake Stevens, located at 1113 WA-204, includes 920 climate-controlled units across 77,950 square feet

“We believe that the portfolio is well-positioned to achieve and maintain its fortress positions within each market and generate strong returns over a long-term hold,” says Ethan Khalil, commercial acquisitions for CBRE Global Investors. “By acquiring the portfolio during various stages of lease-up, we believe we will be able to generate attractive risk-adjusted returns at a premium to comparable stabilized product.”

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Justin Shanahan

About Lisa Brown

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.

  • ◦Sale/Acquisition
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