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10/04/24
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Houston-based global investment firm Hines has acquired a 2,460-unit self-storage facility in Cerritos, CA for $91 mil. The 260.3k sf Extra Space Storage property was sold by a joint venture between Los Angeles-based self-storage developer Capital 360 LLC (Capital 360) and Charlotte-based global investment firm Barings, who acquired the asset in 2018.
Originally constructed in 2020, the three-story property is located at 17900 Crusader Ave, on a 4.95-acre site adjacent to the I-605 Fwy. The facility was more than 88% occupied at the time of sale.
Nick Walker and Trevor Roberts of CBRE’s Self Storage Advisory Group represented the seller in the transaction.
“This is the largest single-property self-storage sale in history and our team fielded many competitive offers throughout the marketing process,” said Walker. “This asset offers cutting-edge technology and is strategically located within a highly populated area within Los Angeles County with superb demographics. The quality of the asset is truly unmatched.”
There are over 634,000 residents within a five-mile radius of the property with an average household income of approximately $117,000.
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