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8/27/14
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A self-storage portfolio consisting of three properties totaling 158k sf located throughout Los Angeles and Riverside counties traded hands at a price of $16.4 mil. The properties were purchased by Storage Etc Development LLC and sold by AMS Group, a family-owned entity that had owned the facilities for more than 40 years.
The three properties include 8369 Garvey Ave and 2747 La Presa Drive in Rosemead, which was offered as a single asset; 21320 Golden Springs Drive in Diamond Bar; and 863 Town Center Drive in Pomona.
Fred Cordova, executive vice president of Kennedy Wilson’s Brokerage Group, represented the buyer in the transaction.
“The self-storage sector in Southern California has experienced a solid recovery coming out of the recession and is an asset class poised for continued strong growth,” said Cordova.” Storage Etc. Development, LLC was attracted by the opportunity to purchase three well located properties in prime infill locations in greater Los Angeles, with strong value add opportunities that had never been sold.
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