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CBREIM Acquires San Diego Self Storage Duo
A fund sponsored by CBRE Investment Management (CBREIM) has acquired a pair of San Diego self storage properties as part of a 14-asset portfolio in Southern California and Utah. The fund now owns 100 self-storage properties across the country, totaling over 55,000 units.
“Self-storage investment continues to be a preferred strategy for us as the user demand in this sector has continued to broaden in recent years due to structural and demographic trends,” said CBREIM’s Sondra Wenger. CBRE’s Nick Walker represented the seller in the transaction and Tom Traynor and James Millon arranged the financing.
The San Diego properties consist of:
- 2150 Hancock Street (pictured), 945 Units
- 1040 Sherman Street, 780 Units
In addition to the San Diego locations, the portfolio, which will operate under the StorQuest brand, are located in Los Angeles, the Inland Empire and Salt Lake City. The assets are primarily single-story drive up units and are currently 95% leased.
- ◦Sale/Acquisition
