The Cushman & Wakefield Self Storage Advisory Group has been retained as exclusive advisors to offer for sale the Storage Solutions SoCal Portfolio.
The Cushman & Wakefield Self Storage Advisory Group has been retained as exclusive advisors to offer for sale the Storage Solutions SoCal Portfolio. This offering presents a unique opportunity to acquire four (4) physically stabilized self-storage projects in the highly sought-after Southern California markets of Inland Empire and San Diego.
The Portfolio totals 446,9119 rentable square feet of self-storage and an additional 114,370 rentable square feet of covered and uncovered RV/Boat parking. The portfolio is virtually all single level and over 80% of the total area offers drive-up access, a very rare combination in a Southern California portfolio offering. Each site has high-visibility locations with average populations exceeding 100,000 and average incomes north of $85,000 within 3 miles.
The portfolio is currently 98% occupied and has seen 10% physical occupancy growth year over year. The portfolio has also seen 23% effective rental rate growth in that same time frame. This, combined with each trade area’s average high occupancy, muted new supply, all ground-level access units, offers a completely unmatched opportunity in the market for an operator to aggressively push rental rates and drive optimal yields.
Three sites are in Riverside County in the Inland Empire; Beaumont, Moreno Valley, and Riverside. Riverside County is consistently one of the fastest-growing counties in the U.S. and is currently experiencing some of the highest rental rate growth in the country as well. The fourth site is in the Northern San Diego city of San Marcos. North San Diego County is one of the fastest-growing regions in California and San Marcos is strategically located mid-way between Carlsbad on the coast and Escondido to the east and provides easy access to the major employment centers.