Project Description
UNDER AGREEMENT
The Self-Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market for sale the Atlas Storage Centers Portfolio in Southern California.
UNDER AGREEMENT
Total Size – 226,766 NRSF
The Cushman & Wakefield Self Storage Advisory Group has been retained as exclusive advisors to offer for sale the Atlas Storage Centers Portfolio. Atlas Storage Centers presents a unique opportunity to acquire three (3) physically stabilized self storage projects in high growth Southern California markets. The Portfolio is currently 98% occupied with rents well below market levels. This offering presents a very compelling opportunity to immediately increase rental rates driving excellent yields.
The Atlas Storage Centers Portfolio has locations in San Diego and the Inland Empire. The San Diego asset is located in the Otay Ranch / South Bay region which is the fastest growing part of San Diego County and of the only areas in the county with large tracts of land available for residential development. The Inland Empire assets are located in Yucaipa and Calimesa in the high-growth region of eastern San Bernardino County. The Inland Empire area is one of the fastest growing regions in California and has experienced some of the highest rent growth because of its very attractive supply/demand characteristics.
The Atlas Storage Centers Portfolio totals 226,760 rentable square feet and 2,356 units. The portfolio has an excellent mix of drive-up access and climate controlled units and each location offers excellent visibility to major freeways and/or thoroughfares. The San Diego and Yucaipa assets were built in 2004 & 2009 and offer best-in-market features and amenities. The Calimesa store was acquired by the current ownership in 2012 and was upgraded and remodeled at that time. The assets are very well-maintained with little to no deferred maintenance.