Newport Beach, CA – Buchanan Street Partners (Buchanan), a Newport Beach, CA-based real estate investment management firm, has acquired a new three-story, climate-controlled self-storage facility located at 15443 Fairfield Ranch Road, Chino Hills, CA.
The 95,500-square-foot facility is comprised of 920 self-storage units and was purchased for $24.5 million ($256 per square foot) in an off-market transaction with a private developer. The transaction marks the third California self-storage facility acquired by Buchanan within the past twelve months.
Buchanan acquired the property upon completion of construction at certificate of occupancy. The new class A self-storage facility sits in a retail center adjacent to the 71 Freeway, at the Soquel Canyon Parkway/ Central Avenue exit. Westport Properties, Inc. will act as third-party manager for the facility, operating the property under their US Storage Centers brand.
“We’re thrilled to add this new facility to our storage portfolio. The Chino Hills transaction is an excellent opportunity for us to build presence within a strong market of the rapidly-growing Inland Empire. We feel this property is ideally situated to serve the residents and businesses of Chino Hills,” said Feerooz Yacoobi, vice president, Buchanan Street Partners. “We continue to pursue well-positioned facilities across the Western U.S. through stabilized, early lease up, and certificate of occupancy acquisitions.”
The new facility offers best-in-class climate-controlled storage space and incorporates new industry proptech with the Noke Smart Entry access system by Janus, allowing tenants to wirelessly gain access into the facility and their storage unit.
Buchanan recently acquired two other new self-storage facilities in southern California including acquisitions in Chula Vista and Vista. The firm intends to build a $500 million portfolio of institutional quality self-storage assets throughout the Western U.S. Buchanan is also an active direct lender for self-storage bridge and construction financing.
ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that focuses on investments in commercial and multifamily properties as well as providing loans as a direct lender. Having invested in over $7 billion worth of real estate assets in its 22-year history, Buchanan Street has an established track record in the commercial real estate industry. The company is comprised of a highly skilled team that has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing capital preservation.
