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8/25/21
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Buchanan Street Partners has acquired a newly-constructed three-story, 95k sf climate-controlled self-storage facility in Chula Vista for $26.4 mil ($278/sf) in an off-market transaction. The property, located at 3296 Heritage Rd, was sold by HomeFed Corporation, the master-plan developer of the neighboring Village of Escaya community.
Having received a certificate of occupancy in April 2021, the property was acquired during early lease up. The new Class A self-storage facility is located approximately 12 miles southeast of downtown San Diego, in the Otay Ranch submarket, and offers surrounding residents and businesses best-in-class storage space.
Buchanan Street selected the William Warren Group to handle property management responsibilities and will rebrand the facility under the StorQuest brand. The purchase represents Buchanan’s second large self-storage acquisition in 2021. The firm acquired 6191 SE Powell Blvd in Portland in February, 2021.
Newport Beach-based Buchanan Street intends to build a $500 mil portfolio of institutional quality self-storage assets. The firm is also an active direct lender for self-storage bridge and construction financing throughout the Western U.S.
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