Cushman & Wakefield Brokers Sale of Southern California Self Storage Portfolio to Westport Properties
The portfolio comprises strategic assets in Los Angeles and San Diego
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Cushman & Wakefield has announced that its Self Storage Advisory Group has completed the sale of a core self storage portfolio comprising two StorQuest Self Storage (managed) assets in Southern California.
Located in Carson and Carlsbad and built in 2006 and 2008, respectively, the assets are both well positioned in high-end and highly visible locations. The Southern California portfolio totals 270,841 rentable square feet and 2,284 units and was approximately 90% occupied at the time of sale.
The buyer was Westport Properties and the seller was undisclosed. Greg Wells, Kevin Cuff, Luke Elliott and Mike Mele with Cushman & Wakefield’s Self Storage Advisory Group handled the transaction on behalf of the seller.
“Our recent acquisition of these two exceptional properties highlights our active pursuit and capability to strategically grow our portfolio in the self-storage sector,” stated Charles Byerly, CEO of Westport Properties.
“This is a robust portfolio and a unique investor opportunity of two Class A-quality self storage facilities positioned in strong Southern California areas,” said Greg Wells, executive director. “The combination of their trophy locations within their respective markets, limited future supply pipelines, and tremendous trade area demographics make these assets a strong addition to the buyer’s expanding self storage portfolio.”
Located at 17106 Avalon Boulevard, the Carson asset sits on roughly 4.5 acres with excellent accessibility and visibility on a major heavily trafficked thoroughfare in the Los Angeles South Bay area. Located at 2500 Campbell Place, the Carlsbad location is situated on roughly 3.4 acres at a high-profile, heavily trafficked intersection. The site is adjacent to and serves Bressi Ranch, one of the most desired suburbs in San Diego and with significant new residential and commercial developments surrounding the property.
The Cushman & Wakefield Self Storage Advisory Group is a full-service real estate platform dedicated to the Self-Storage asset class. The group offers investment advisory, valuation, consulting, feasibility and data services in all major markets in the U.S.
