Buchanan Street Partners Acquires South San Francisco Self-Storage Development Site
Newport Beach, CA (July 18, 2025) – Buchanan Street Partners (Buchanan), a Newport Beach, CA-based real estate investment management firm, acquired a 0.7-acre South San Francisco property located at 1341 San Mateo Avenue, with plans to redevelop the site into a state-of-the-art self-storage facility. Buchanan acquired the property, which includes an existing 27,000 square foot warehouse, for $7.65 million. The transaction marks the seventh California self-storage investment by Buchanan in recent years.
The property currently consists of a vacated warehouse/flex office building that until recently housed a bioscience company. Buchanan plans to demolish the existing structure and redevelop the property into a new three-story 66,400 rentable square foot Class A self-storage facility comprised of 1,025 units. Situated on San Mateo Avenue, the development is located on the desirable San Francisco Peninsula in a high barrier-to-entry west coast market, with very limited existing self-storage supply and significant new high-rise multi-family under construction within the surrounding area. Demolition is scheduled to begin in August 2025 and construction is set to be completed by December 2026. California self-storage construction specialist DAI General Contracting will be the general contractor, with KSP Architects serving as the project’s Architect. Farmers and Merchants Bank is providing construction financing for the project.
“The South San Francisco development aligns with our investment strategy of targeting high-rent, supply-constrained markets in desirable Western U.S. locations with strong demand fundamentals. Currently, this trade area has an extremely limited supply of self-storage, and the existing total inventory stands at just 3.7 square feet per capita—less than half the Bay Area average. This new facility will be a well-positioned, state-of-the-art, climate-controlled property that addresses a clear gap in a market dominated by older, vintage self-storage offerings. The redevelopment will replace an outdated warehouse structure with an aesthetically pleasing modern Class A building, significantly enhancing the site and contributing to the ongoing improvement of the surrounding areas within the community” said Jon Suddarth, Vice President, Buchanan Street Partners. “We’re excited to continue our investment efforts in our home state of California and for Buchanan to continue to supplement our acquisition and financing activities within the self-storage sector with new ground up development as an investment focus. In addition to the South San Francisco project, our team is working on several other California self-storage sites that are currently in the design and permitting phases with anticipated closings to come later this year and in 2026.”
Buchanan recently acquired a newly built self-storage facility in Las Vegas, NV in March 2025, and a ground up development site that is currently under construction in Upland, CA in late 2024. The firm intends to build a $500 million+ portfolio of institutional quality self-storage assets throughout the Western U.S. Buchanan is also an active direct lender for self-storage bridge and construction financing.
ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a Newport Beach, CA based real estate investment management firm specializing in core-plus, value-add, and debt investments across multifamily, commercial, and self-storage properties in the Western and Southwestern United States. The company serves a broad range of clients including high-net-worth individuals, family offices and the advisors that serve them. Buchanan’s foundation of success is backed by a track record of results, having invested in over $8 billion of real estate assets since its founding in 1999. The company’s experienced and cohesive team has navigated multiple real estate cycles together. Buchanan balances the pursuit of risk-adjusted returns with preservation of capital to deliver both performance and peace of mind to its investors. Learn more at BuchananStreet.com.