Self-storage facilities sold in Sun Valley and Oxnard are part of a 15-property portfolio sale to a Chicago private equity real estate firm.
Harrison Street in Chicago bought roughly 1.4 million rentable square feet across 10,900 units in California, Arizona, Colorado, Minnesota and Ohio from Trojan Storage in Redondo Beach. The purchase price was not disclosed, but news reports said it exceeded $100 million.
In Sun Valley, a 100,400-square-foot facility built in 2004 on 2.4 acres at 11022 Olinda St. sold, while in Oxnard, a 55,000-square-foot self-storage facility built in 2003 at 1801 Eastman Ave. was sold. And a nearly 113,000-square-foot facility on 4.4 acres at 8866 Utica Ave. in Rancho Cucamonga was included in the purchase.
CBRE Group Inc.’s Senior Vice President Nick Walker arranged the deal on behalf of Trojan. He told the Business Journal that the self-storage sector’s strong position in those locations prompted the portfolio’s sale and the purchase.
“Self-storage has held up better in downturns than other asset classes,” Walker said. “Its resilience allows investors to hedge their bets. Should the economy pull back at some point, this type of portfolio will do very well.”