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5/04/21
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Santa Clarita Storage, a Class A, 105.7k sf institutional quality self-storage property in Santa Clarita, was acquired by a privately held alternative investment firm in a joint venture with Andover Properties. The buyer plans to operate the project under their brand name ‘Storage King USA.
Built in 2019, the project is located at 24314 The Old Road in the Newhall/Santa Clarita area, a high-growth, high-income suburb in Los Angeles County.
Greg Wells, Mike Mele and Luke Elliott of Cushman & Wakefield’s Self-Storage Advisory Group represented the seller, the original developer, in the transaction. A price was not given out.
“Because of its excellent supply/demand characteristics, overall muted new supply pipeline and very difficult entitlement process, Los Angeles remains one of the most sought-after self-storage markets in U.S.,” Wells said. “This offering generated multiple offers from a wide variety of institutional and private equity sources.”
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