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Barker Pacific Group and Artemis Real Estate Partners Acquires Security Self Storage Asset ...
Barker Pacific Group and Artemis Real Estate Partners Acquires Security Self Storage Asset to Build on Storage Solutions Brand
Storage Solutions Continues to Expand With Rohnert Park Property
ROHNERT PARK, CA - May 1, 2013 - Barker Pacific Group ("BPG"), in a joint venture with Artemis Real Estate Partners ("Artemis"), has acquired Security Self Storage in Rohnert Park, CA as the third property to join the Storage Solutions portfolio. The eight building, 64,675 square foot complex sits on 3.2 acres, features 629 rentable units, and is located at 601 Martin Avenue Rohnert Park in Sonoma County. The property was purchased for $5.4 million, and is currently 87 percent occupied. Security Self Storage will be rebranded as a Storage Solutions facility.
"Conveniently close to Sonoma State University, Security Self Storage is a strong addition to the Storage Solutions portfolio," said Jae Ho, COO of Storage Solutions. "It boasts an appealing variety of unit layouts, with each unit easily accessible for customers."
Over the next several months, BPG plans to install a network of state-of-the-art security cameras throughout the facility, as well as a new gate security system for keypad access. The existing rental office will be expanded to offer moving supplies for the convenience of tenants.
This is the third property acquired in partnership with Artemis as part of the strategy to relaunch the Storage Solutions' brand. BPG acquired Global Self Storage in Norco, California earlier this year as part of its joint venture with Artemis, as well as King Road Self-Storage Facility in San Jose, in April of 2012. Storage Solutions will continue to pursue strategic storage facilities in the North Bay Area in the future.
About Barker Pacific Group:
Barker Pacific Group was founded more than 28 years ago and is comprised of experienced real estate professionals active in asset management, acquisitions and development of major commercial projects. In San Francisco, BPG developed 100 First Plaza and currently owns and manages One Sansome Street.
Some of BPG's other notable projects include: Hamilton Landing and Rowland Plaza in Marin County; The Fine Arts Building, 626 Wilshire Boulevard and 5055 Wilshire Boulevard in Los Angeles; 101 Continental in El Segundo, and The Miami Arena and Columbus Center in South Florida.
In addition to Storage Solutions, the firm also manages and owns Bayside Communities, a portfolio of over 27 affordable multifamily housing properties located throughout the West. BPG has offices in San Francisco, Los Angeles and Marin County. The company specializes in the development and acquisition of institutional quality office, retail, and residential projects in select U.S. cities. For more information, visit www.barkerpacific.com.
About Artemis Real Estate Partners:
Artemis Real Estate Partners is a real estate investment management firm that seeks to invest with niche local operating partners across opportunistic, value added and enhanced core strategies. Artemis has raised $736 million of investor capital across two vehicles: $436 million of capital for Artemis Fund I and $300 million of capital in a separate account with The New York State Common Retirement Fund. More information about Artemis may be found at www.artemisrep.com.
About Storage Solutions:
Storage Solutions is a growing leader in the self-storage industry, offering consumers and businesses a variety of self-storage space and supplies throughout California. Storage Solutions is Barker Pacific Group's self-storage division originally operated under the Union Development Company. UDC maintained Storage Solutions in 21 locations throughout Southern California until the portfolio assets were sold to a public REIT in late 2011. BPG maintained rights to the Storage Solutions brand and is re-launching the company and pursuing value investments to rebuild its portfolio throughout California. For more information, visit www.storagesolutionsca.com.
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