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Los Angeles Buyer Spends Over $8 Mil on OR Self-Storage Property

10/21/20

Los Angeles-based Trojan Storage paid $8.3 mil for Hawthorne Mini Storage, a 654-unit self-storage facility in Salem, OR. The facility also offers covered RV and boat parking spaces.

Located at 1241 Hawthorne Avenue NE, the 99.4k sf property consists of 14 single-story and two-story buildings and features numerous amenities, including a gated entrance with key code access, 24-hour video surveillance cameras, climate-controlled units and on-site manager. The self-storage units range in size from 25 sf to 750 sf.

The property is strategically located on Hawthorne Avenue NE and fronts D Street NE. Approximately 17,380 vehicles pass the facility on a daily basis with a surrounding population of 211,803 within a five-mile radius.

CBRE’s Nick Walker, Trevor Roberts and Morgan Windbiel represented the seller, a private investor. The buyer was self-represented.

“During the COVID-19 pandemic we have seen market demand accelerate rapidly for self-storage assets,” said Walker. “With over $130 mil worth of self-storage put in escrow during the last three months, our team continues to tap into the national buyer pool and source out-of-state capital that covets the operational stability offered by self-storage assets.”

He added, “These groups are looking to acquire properties at various points along the developmental timeline, from stabilized assets to entitled development sites as well as Certificate of Occupancy or early lease-up projects like Hawthorne Mini Storage in Salem.”






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