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CBRE Investment Management acquires 14-asset self-storage portfolio in Southern California and Utah
A fund sponsored by CBRE Investment Management has acquired a portfolio of 14 self-storage assets located in Southern California and Utah totaling 8,697 units. The fund now owns 100 self-storage properties across the United States, totaling 55,477 units.
The self-storage assets, which will operate under the StorQuest brand, are primarily single-story, drive-up units in the key infill markets of Los Angeles, the Inland Empire, San Diego and Salt Lake City. The portfolio includes a mix of indoor, climate-controlled and outdoor units, and is 95 percent leased.
“Self-storage investment continues to be a preferred strategy for us as the user demand in this sector has continued to broaden and grow significantly in recent years due to structural and demographic trends,” said Sondra Wenger, head of Americas commercial operator division for CBRE Investment Management. “This specific portfolio offered a unique opportunity to acquire a high-quality set of units that are pos