Riverside, CA –– CBRE arranged the sale of Chino Mini Storage, an 80,862-sq.-ft. self-storage facility in Chino, CA for $18.8 million (or about $233 per square foot).
CBRE’s Self Storage Advisory Group represented the seller, Legacy Interests LLC, a private investor. The buyer is Irvine-based Westport Properties Inc.
“Self-storage investments continue to hold their value despite economic headwinds,” said CBRE Vice Chairman Nick Walker. “Chino Mini Storage offered the buyer the rare opportunity to acquire a never-before-traded property in a highly visible location adjacent to one of California’s fastest-growing counties.”
Located at 13555 Ramona Ave., Chino Mini Storage consists of 13 buildings with 701 self-storage units ranging in size from 25 to 360 sq. ft. The property sits on 4.39 acres and has various amenities including outdoor boat, RV, and car parking; drive-up, electronic-gate access; 24-hour video surveillance; perimeter fencing; an on-site manager; and tenant insurance.
Trevor Roberts, Senior Vice President with CBRE’s Self Storage Advisory Group added, “The price per square foot in this latest deal illustrates the incredibly high demand for storage facilities in good locations.
With residential units trending smaller in size while rents remain steady, the demand for self-storage space continues to be remarkable.”
Chino Mini Storage is less than five minutes from the 71 Freeway and Highway 60 in a dense infill location near numerous single-family residential communities, including Green Marble Homes and the master-planned, 82-acre Ontario Ranch. There are 102,526 single family homes and 3,080 future residential units in progress within a five-mile radius. The property is also two miles north of Chaffey College, the closest of 20 universities and colleges in the region, and within a one-mile radius from numerous retail amenities and industrial sites.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
