U-Stor-It Lands Refi for Recently Built San Diego Facility
The property includes more than 1,200 climate-controlled units.
U-Stor-It, a division of Chicago Capital Funds, has received $17.8 million in refinancing for U-Stor-It Barrio Logan, a 71,891-square-foot self storage facility in San Diego. Vice Presidents Wyatt Campbell and Conor Freeman of Northmarq arranged the deal through a life insurance company.
According to Yardi Matrix data, the Class A property was completed in 2021 using a $13.1 million construction loan originated by Wintrust Bank in 2019.
Located at 2209 National Ave., the asset is only 4 miles from downtown San Diego and provides access to the San Diego Freeway. The facility is one of the nine available within a 3-mile radius, offering 4.7 rentable square feet per capita, the same data provider shows. U-Stor-It Barrio Logan is a three-story building that encompasses 1,285 units and features climate-controlled units ranging from 25 square feet to 200 square feet. On-site amenities include RV and boat parking, 24-hour video surveillance, electronic gated access and moving supplies.
In addition to a planned facility of 168,655 square feet, there are three completed U-Stor-It locations in this market. Yardi Matrix shows that currently there are 21 properties in various stages of development in the San Diego area, which are set to add almost 2 million square feet to the metro’s existing self storage inventory.
Last month, U-Stor-It also received a $17.7 million loan for a 72,432-square-foot facility in Westmont, Ill., a suburb of Chicago. Northmarq arranged that deal, as well.