Buchanan Street Breaks Ground on Self Storage Facility
The Central Coast property is slated for completion in 2027.
Buchanan Street Partners has broken ground on a 760-unit self storage project in Scotts Valley, Calif. East West Bank provided construction financing.
Site work started earlier this year and completion is expected in 2027. Development partners include DAI General Contracting and Valli Architecture.
Buchanan acquired the 2.6-acre site at 10 Victor Square for $5.3 million last year. The property included an unoccupied office/flex building that will be redeveloped into a 99,500-square-foot, three-story facility. Future amenities are to feature climate-controlled units, security and parking.
The site is just west of the Santa Cruz Highway and 1 mile from downtown Scotts Valley. Yardi Matrix data reveals there are four other self storage facilities within a 3-mile radius, providing 8.83 square feet of storage space per capita.
The redevelopment marks Buchanan Street Partners’ first Central Coast self storage property and expands its Western U.S. footprint to 11 such assets in various stages of development, the same source shows. Apart from the Scotts Valley project, the firm is also developing a 159,370-square-foot property in Upland, Calif.
On a national level, the self storage construction pipeline amounted to some 54.3 million net rentable square feet at the end of December, according to a recent Yardi Matrix report. The value represents 2.7 percent of the existing inventory.
