Westport Properties Acquires California Self Storage Portfolio

Westport Properties, a Newport Beach, Calif.,-based owner-operator of self storage, multifamily and industrial properties, has acquired a two-property self storage portfolio in Southern California. The facilities total 2,284 self storage units and 270,841 rentable square feet.

The assets in Carson, Calif., and Carlsbad, Calif., were approximately 90 percent occupied at the time of the sale. They were being managed under the StorQuest Self Storage brand.

Located at 17106 Avalon Blvd., the Carson property is situated on a roughly 4.5-acre site with easy accessibility and visibility on a heavily trafficked thoroughfare in the Los Angles South Bay Area. It was built in 2006.

The Carlsbad asset is located at 2500 Campbell Place on about 3.4 acres at a high-profile intersection that is also heavily trafficked. Built in 2008, the facility is adjacent to and serves Bressie Ranch, a San Diego suburb. The area has significant new residential and commercial developments that surround the property.

The Class A assets were described as a unique investor opportunity and strong addition to Wesport’s expanding self storage portfolio because of their high-end and highly visible locations, limited future supply pipelines and tremendous trade area demographics.

Executive Director Greg Wells, Kevin Cuff, Luke Elliott and Mile Mele of Cushman & Wakefield’s Self Storage Advisory Group represented the seller.

Westport’s self storage growth

Founded in 1985, WPI has more than 17 million square feet of self storage under management across the nation. It has more than $3 billion in assets under management through its US Storage Centers brand as well as more than 650 multifamily units. The fully integrated operators develops, acquires and manages its portfolio and also provides third-party management services.

In June, a joint venture of WPI and Heitman purchased a two-property self storage portfolio in Las Cruces, N.M., totaling 823 units and 116,458 rentable square feet from John Curry Construction and Real Estate. The properties are about 50 miles north of downtown El Paso, Texas.

Also in California, WPI acquired a 701-unit facility in Chino in March 2023 and rebranded it under its US Storage Centers brand. The Inland Empire asset was 99.5 percent leased at the time of the purchase.

In August 2022, WPI acquired two self storage facilities in Chicago and Willmette, Ill., that were rebranded as US Storage Centers. The Chicago asset was completed in 1998 and is about 3.5 miles from downtown Chicago with 885 units across 73,761 square feet. The Willmette property has 378 units across 46,894 square feet and was built in 1982. The purchases marked the company’s entrance into the Chicago market.