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April 18, 2021
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Pegasus Group Picks Up 1,089-Unit Self-Storage Facility in Portland


Pegasus Group purchased Hosford Self Storage, a 1,089-unit, Class A self-storage facility in Portland, OR. It was sold by an affiliate of Banner Real Estate Group. The property will be managed by Central Self-Storage®.

Constructed in 2018 by the seller, Hosford Self Storage is situated on 1.29 acres at 685 SE Division Pl. The property comprises one four-story building with an attractive, modern design. The 87.6k sf facility features all climate-controlled units, 24-hour video surveillance, locker units, drive-in loading, elevator access to upper floors and a retail-oriented customer service office.

Hosford Self Storage is in Portland’s Hosford-Abernathy neighborhood, which has an urban-suburban feel with a mix of residential and commercial properties. The facility is visible to more than 59,000 vehicles per day from its location just east of Grand Ave, a high-traffic roadway. The property is surrounded by 210,000 residents within a three-mile radius, and there are 47 multi-housing projects either proposed or currently under construction in the area, which is expected to grow an annual rate of 1.96% over the next five years.

Brian Somoza, Steve Mellon and Ira Virden with JLL Capital Markets represented the seller in the deal.

“There is strong demand for self storage in the property’s submarket, as demonstrated by the facility quickly achieving a physical occupancy of 80 percent in just over two years of operations,” Mellon said. “Hosford Self Storage is 100% climate controlled, which is a unique competitive advantage, as most other properties in this submarket do not offer this feature.”

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