Invesco Real Estate, in partnership with Baranof Holdings, has acquired the Nest Self Storage portfolio located in Salem, Ore., near Portland. The sellers include MWIC Parkway and MWIC Turner Road, the original developers of the property.
The two-property portfolio was recently completed and approximately 85 percent occupied at closing. The properties total 166,877 rentable square feet in 1,135 storage units. Both facilities are located in high exposure locations with excellent access to Interstate 5. The new owners plan to rebrand the facilities.
“The Nest assets are in excellent locations within the Salem market and have solid upside potential,” said Steve Cobbs, associate director, transactions, at Invesco Real Estate. “These assets make an excellent addition to Invesco’s growing self-storage portfolio.”
