This article originally appeared in RENTV Real Estate News & Media
October 30, 2023
Buchanan Street Partners LP has acquired a stabilized institutional quality self-storage facility in Auburn, CA for $20.75 mil in an off-market transaction. The 116.5k sf ($178/sf) facility, comprised of 825 self-storage units and 40 RV parking spaces, is located at 12200 Rock Creek Rd.
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 two acres of vacant land that could allow for future expansion,” said Feerooz Yacoobi, vice president, Buchanan Street Partners.
The transaction marks the fourth California self-storage property acquired by Buchanan in recent years. The company 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+ mil portfolio of institutional quality self-storage assets throughout the Western U.S.