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6/07/19
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Barker Pacific Group has acquired a three-property self-storage portfolio in the Inland Empire. The properties were sold by Aim All Storage.
The Aim All Storage portfolio includes properties located at 11215 Indiana Ave in Riverside, 25093 Bay Ave in Moreno Valley and at 859 Desert Lawn Drive in Beaumont. The portfolio features 2,253 units combined totaling 335k sf, plus an additional 136.4k sf of parking space. The properties have an average five-mile population of more than 151,000, boding well for future demand.
CBRE’s Nick Walker and Trevor Roberts represented the seller in the transaction, Brad Wilmot and Ben Wagner, also with CBRE, facilitated the loan on behalf of the buyer. The price was not disclosed.
“The portfolio offered investors three high-quality assets in a very desirable market within Southern California,” said Walker. “The location of each asset boasts high barriers to entry and excellent demographics with significant planned residential developments nearby.”
The Inland Empire has benefited from an influx of new residents from neighboring markets, according to the latest CBRE research. The region’s nonfarm workforce employment expanded year over year by 18,300 jobs in February with seasonally unadjusted unemployment rate decreasing to 4.3%, lower than the state. This healthy job market and relative lower cost of living as compared with some of the other markets in the Greater Los Angeles region has supported a vibrant office, housing and retail market.
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