Newport Beach, CA / Vista, CA (December 15, 2021) – Buchanan Street Partners (Buchanan), a Newport Beach, CA-based real estate investment firm, has acquired a new three-story, climate-controlled self-storage facility located at 1340 North Melrose Drive, Vista, CA in northern San Diego County. The 112,000-square-foot facility is comprised of 1,200 self-storage units and 50 RV parking spaces.
Buchanan purchased the property for $34 million in an off-market transaction from the seller, Chicago Capital Funds, who developed the property and is managing the facility under their operating brand U-Stor-It. The transaction marks the second San Diego area self-storage facility acquired by Buchanan this calendar year.
Having received a certificate of occupancy in February 2021, Buchanan acquired the property during lease up. The class A self-storage facility is located near the intersection of North Melrose Dr. and Oceanside Blvd, providing best-in-class storage space to surrounding residents and businesses in northern San Diego. Buchanan intends to retain U-Stor-It as the property manager for the facility.
“The Vista acquisition was a great opportunity to add another institutional quality asset to our growing storage portfolio. This facility offers an exceptional presence in northern San Diego and attracts tenants from the higher barrier-to-entry markets of Oceanside,” said Feerooz Yacoobi, Vice President, Buchanan Street Partners. “Self-storage continues to outperform most other real estate asset types. We continue to pursue well positioned facilities across the Western U.S. through stabilized, early lease up, and certificate of occupancy acquisitions.”
Buchanan recently acquired another newly-built self-storage facility in the San Diego market, at 3296 Heritage Rd. in Chula Vista, CA in August 2021. Buchanan intends to build a $500 million portfolio of institutional quality self-storage assets throughout the Western U.S. The firm is also an active direct lender for self-storage bridge and construction financing.
ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that focuses on investments in commercial, multifamily, and self-storage properties as well as providing loans as a direct lender. Having invested in over $7 billion worth of real estate assets in its 22-year history, Buchanan Street has an established track record in the commercial real estate industry. The company is comprised of a highly skilled team that has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing capital preservation. www.buchananstreet.com