|
|
10/24/18
|
A well-capitalized, national owner/operator has purchased the Self Storage 1 portfolio encompassing two trophy self storage properties in Los Angeles and Houston. Totaling more than 158k sf, the assets are purpose built, institutional quality self storage projects offering modern designs and amenities.
11820 W. Olympic Blvd, Los Angeles |
 |
|
Located at 11820 W. Olympic Blvd, the property in West Los Angeles serves the highly affluent communities of Brentwood, Beverly Hills, Santa Monica and West Los Angeles. The immediate trade area has more than 340,000 people within three miles with average household incomes exceeding $120,000. The project has a highly visible location on W. Olympic Blvd, just blocks from the intersection of the Interstate 10 and Interstate 405 freeways.
The Houston asset is located at 5321 Richmond Ave in the Galleria-Uptown area of Houston, one of the most dynamic, high-end submarkets in Texas. The project has an excellent location on Richmond Avenue, a main retail corridor in the Galleria-Uptown district with a traffic count exceeding 29,000 cars per day. Within three miles of the site, there are more than 218,000 people and approximately 2,500 new apartment units under construction or in planning.
Cushman & Wakefield’s Greg Wells, along with JLL’s Steve Mellon and Brian Somoza, represented the seller, Cardiff Mason Development, a private development firm based in San Jose, in the transaction. According to Somoza, the portfolio generated offers from REIT’s as well as multiple sources of institutional capital.
"This portfolio was an extremely rare opportunity to acquire two irreplaceable trophy assets positioned in two of the strongest trade areas in the United States,” said Wells.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
