Newport Beach, CA (October 25, 2023) – Buchanan Street Partners, LP (Buchanan), a Newport Beach, CA-based real estate investment management firm, has acquired a stabilized institutional quality self-storage facility located at 12200 Rock Creek Road, Auburn, CA. The 116,500-square-foot facility, comprised of 825 self-storage units and 40 RV parking spaces, was purchased for $20.75 million, $178 per sq. ft., in an off-market transaction with a private owner operator. The transaction marks the fourth California self-storage property acquired by Buchanan in recent years.
Constructed in 2009, the facility provides surrounding residents and businesses with interior climate-controlled space, large drive up units, RV and boat parking spaces, as well as wine storage areas. The storage facility is strategically located on 9.2 acres of land adjacent to a major retail corridor within the Auburn market and near prominent retailers such as Target and Safeway. The City of Auburn is an old gold rush mining town that sits along Interstate 80, between the Sacramento and Lake Tahoe regions in northern California. Westport Properties, Inc. will act as the property manager for the facility, operating the property under their 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. Aside from operational efficiencies and enhancing the online presence for the facility, the property offers an additional value-add opportunity with over 2 acres of vacant land that could allow for future expansion,” said Feerooz Yacoobi, vice president, Buchanan Street Partners. “I’m excited for Buchanan Street to break into the northern California market and we look forward to continued investment activity in the region. We will continue to pursue well-positioned self-storage properties across the Western U.S. through ground up development, stabilized, early lease up, and certificate of occupancy acquisitions.”
Buchanan remains active within the self-storage sector after having acquired two recently built self-storage facilities in the Phoenix MSA in June 2023. The firm intends to build a $500+ million portfolio of institutional quality self-storage assets throughout the Western U.S. Through an affiliate, Buchanan is also an active direct lender for self-storage bridge and construction financing.
ABOUT BUCHANAN STREET PARTNERS, L.P.
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 through an affiliate. Having invested in over $8 billion worth of real estate assets in its 24-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. www.buchananstreet.com