Los Angeles – Aug. 2, 2016 – CBRE Group, Inc. announced the sale of a portfolio of 22 self-storage properties in California to National Storage Affiliates, a Colorado-based real estate investment trust, for an undisclosed price.
The Extra Space Storage-managed portfolio includes 14 properties in Southern California including Anaheim, Riverside, Apple Valley, South Gate, Harbor City, Grand Terrace, Palmdale, Victorville, Rosamond and San Diego. The transaction also included seven facilities in Bakersfield and one in Fresno.
CBRE Senior Vice President Nicholas Walker represented the seller, CPA®: 17-Global, a non-traded real estate investment trust (REIT), in the 1.6 million square foot portfolio deal. The buyer was also represented by Mr. Walker and his team.
“This portfolio will be a great fit for NSA REIT, allowing them to enter into some new markets with a strong footprint and also allow them to further expand their market share in their existing areas,” Walker said.
The portfolio, which has a combined occupancy of about 92 percent, attracted multiple offers due to the strategic locations of the properties and the high demand for self-storage facilities, particularly in population hubs in Southern California.
“Self-Storage has continued to see a tremendous demand from investors of all types and this portfolio was no different,” said Walker.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
