This article originally appeared in the RENTV.
Date: Mar 3, 2021
Buchanan Street Partners acquired a recently constructed three-story, 102.5k sf, climate-controlled self-storage facility in Portland for $22 mil. The asset, containing roughly 1,100 units and located at 6191 SE Powell Blvd, was sold by Leon Capital Group in an off-market transaction.
Having received a certificate of occupancy in July 2020, the property was acquired during lease up. This new self-storage facility is approximately four miles east of Downtown Portland and offers surrounding residents and businesses best-in-class storage space. Buchanan Street has selected Westport Properties to handle property management responsibilities and will rebrand the facility as a US Storage Centers location, under Westport’s operating brand.
“The Portland transaction represented an opportunity to acquire a new Class A facility located in a top 25 MSA. The facility is situated in an extremely dense trade area and has demonstrated an impressive lease up velocity to date,” said Feerooz Yacoobi, vice president, Buchanan Street Partners. “This acquisition is indicative of the varied opportunities that we’re looking for within our greater portfolio. In addition to stabilized assets, we will pursue early lease up and certificate of occupancy opportunities in dense and high growth markets where storage demand remains strong.”
The purchase is Buchanan’s first step in building a targeted $500 mil portfolio of institutional quality self-storage assets. This acquisition represents Buchanan Street’s first equity investment within the sector since the 4th quarter 2020 announcement of their new self-storage investment platform.