Chula Vista, CA (08/19/2021) – Buchanan Street Partners, a Newport Beach, CA-based real estate investment management firm, has acquired a newly-constructed three-story, 95,000 square-foot, climate-controlled self-storage facility located at 3296 Heritage Road in the city of Chula Vista.
Buchanan Street purchased the property for $26.4 million in an off-market transaction with HomeFed Corporation, the master-plan developer of the neighboring Village of Escaya community.
Having received a certificate of occupancy in April 2021, the property was acquired during early lease up. The new Class A self-storage facility is located approximately 12 miles southeast of downtown San Diego, in the Otay Ranch submarket, and offers surrounding residents and businesses best-in-class storage space. Buchanan Street selected the William Warren Group to handle property management responsibilities and will rebrand the facility under the StorQuest brand.
“We are excited about the opportunity to own a new state-of-the-art storage facility in our backyard of Southern California. This property meets all the acquisition criteria that we look for in self-storage assets that we intend to hold long-term,” said Feerooz Yacoobi, vice president, Buchanan Street Partners. “We continue to seek well positioned facilities in desirable Western U.S. markets that have strong supply and demand fundamentals. We intend to continue to methodically build our storage portfolio through stabilized, early lease up, and certificate of occupancy acquisitions.”
The purchase represents Buchanan’s second large self-storage acquisition in 2021. The firm acquired 6191 SE Powell Boulevard in Portland, Oregon in February, 2021. Buchanan Street intends to build a $500 million portfolio of institutional quality self-storage assets. The firm is also an active direct lender for self-storage bridge and construction financing throughout the Western U.S.
Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that focuses on value-investing in both commercial and multifamily direct ownership and in making debt investments. Having invested in over $7 billion worth of real estate assets in its 20+ 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
