Invesco Real Estate, in partnership with Baranof Holdings, has acquired Morena Storage located in central San Diego.
The seller was Sherman Street Ventures, the original developer of the property.
The financial terms were not disclosed.
Situated in the core Morena District, Morena Storage totals 108,700 rentable square feet and 1,640 units and was approximately 90 percent occupied at the time of sale. The property is located adjacent to the intersection of Interstates 5 and 8 and is visible to more than 300,000 cars per day.
“The opportunity to acquire a stabilized, immaculately maintained self-storage asset in such a dynamic, core part of San Diego is extremely rare,” said Greg Wells of Cushman & Wakefield’s Self Storage Advisory Group. “The fact we were able to close on a project given the current economic climate we face is a testament to the strength of the asset class, location, and diligence and hard work of both buyer and seller.”
