CBRE Global Investors has completed the acquisition of a self storage portfolio totaling 3,746 units across three states. The company bought four facilities in Colorado, California and Washington. The William Warren Group sold the assets for $118 million, according to Yardi Matrix data.
The transaction brings CBRE Global Investors’ self storage portfolio to 13,650 units across 19 properties.
The William Warren Group will continue to manage the 2020-built facilities under the StorQuest flag. The properties are:
- A facility in Boulder, Colo., located at 4790 Pearl St. The single-building three-story asset comprises 772 climate-controlled units across 69,115 net rentable square feet. Storage spaces range from 25 to 480 square feet and include RV and boat parking spots.
- A facility in Vista, Calif., located at 943 S. Melrose Drive. The 74,416-net-rentable-square-foot property offers 899 climate-controlled units in two three-story buildings. Units range from 16 to 200 square feet.
- A facility in Bothell, Wash., located at 21008 Bothell Everett Highway. The 74,805-net-rentable-square-foot property comprises 1,155 climate-controlled units in a five-story building. Storage spaces range from 15 to 300 square feet.
- A facility in Lake Stevens, Wash., located at 1113 WA-204. The asset consists of a two-story building and offers 920 climate-controlled units across 77,950 square feet of rentable space. Units range between 25 and 300 square feet.
The industry’s appeal
The self storage sector has had a strong performance in the first half of the year, a recent Yardi Matrix report shows.
As of June, the national average rent for 10×10 climate-controlled units increased by 12.7 percent to $142, while the average rate for 10×10 non-climate-controlled units rose by 10.6 percent to $125 year-over-year. Nationwide, the self storage pipeline as of June saw a 20-basis-point uptick compared to the previous month, amounting to 8.3 percent of existing inventory.
The industry’s resilience and strong demand boosted investors’ confidence in the sector. Recently Gantry has arranged a total of $120 million in financing for nine self storage facilities across the U.S.