This article originally appeared in Connect California
Buchanan Street Partners recently acquired a newly constructed three-story 95,000-square-foot climate-controlled self-storage facility located at 3296 Heritage Rd. in Chula Vista. Buchanan purchased the property for $26.4 million in an off-market transaction with HomeFed Corporation, the master-plan developer of the neighboring Village of Escaya community.
Having received a certificate of occupancy in April 2021, the property was acquired during early lease up. The new class-A self-storage facility is located approximately 12 miles southeast of downtown San Diego in the Otay Ranch submarket.
Buchanan Street selected the William Warren Group to handle property management responsibilities and will rebrand the facility under the StorQuest brand. “This property meets all the acquisition criteria that we look for in self-storage assets that we intend to hold long term,” said Feerooz Yacoobi, vice president, Buchanan Street Partners. “We continue to seek well-positioned facilities in desirable Western U.S. markets that have strong supply and demand fundamentals. We intend to continue to methodically build our storage portfolio through stabilized early lease up and certificate of occupancy acquisitions.”