This article originally appeared in RENTV Real Estate News & Media
November 8, 2024
Buchanan Street Partners acquired a 2.05-acre Inland Empire property with plans to redevelop the site into a state-of-the-art self-storage facility. The property is located at 1382 East Foothill Blvd, north of I-10 in Upland.
Buchanan acquired the property for $6.25 mil in an off-market transaction with a private owner/developer. The transaction marks the fifth California self-storage investment by Buchanan in recent years.
The site is currently occupied by a vacant medical office building. Buchanan will redevelop the property into a new four-story, 123k sf Class A self-storage facility comprised of 1,180 units. Situated on historic Route 66, the development is in a heavily traveled retail corridor to serve the residents and businesses within Upland and the greater Inland Empire area.
Construction will begin immediately and is set to be completed by January 2026. California self-storage construction specialist DAI General Contracting is the general contractor. Wintrust Bank is providing construction financing for the project.
“The Upland transaction follows our thematic approach to investing in well-located self-storage properties in highly sought after Western U.S. markets with favorable supply and demand metrics,” said Feerooz Yacoobi, vice president, Buchanan Street Partners. “There is an extremely limited amount of new climate-controlled self-storage supply currently available within this trade area. This new class A facility will fill a void within the marketplace. The redevelopment of this property will be a major improvement over the dilapidated building now onsite and will help to enhance this area of the city.”
Buchanan acquired an existing self-storage facility in Auburn, CA in the fourth quarter of 2023. The firm intends to build a $500 mil+ 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.