RENTV Real Estate News And Media – Buchanan Street Partners Spends $34 Mil on San Diego Area Self-Storage Asset

This article originally appeared in RENTV Real Estate News And Media.

December 24, 2021

Buchanan Street Partners has acquired a new three-story, climate-controlled self-storage facility located at 1340 North Melrose Dr in Vista for $34 mil in an off-market transaction. The 112k sf facility is comprised of 1,200 self-storage units and 50 RV parking spaces.

The asset was sold by 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 in 2021.

Having received a certificate of occupancy in February 2021, the property was acquired by Buchanan 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.”

In August 2021, Buchanan acquired a newly-built, self-storage facility in the San Diego market, located at 3296 Heritage Rd in Chula Vista. Buchanan intends to build a $500 mil 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.