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Union Development Buys Self-Storage Portfolio for $30M
Empire Self Storage Sale Consists of Eight Properties with 4,056 units. Barker Pacific Group's Union Development Co. purchased eight self-storage facilities throughout Los Angeles, Riverside and San Bernardino counties from Empire Self Storage in a portfolio sale totaling $30 million (7,396 per unit).
The eight properties boast a total of 484,848 square feet of space, on more than 25.23 acres and a total of 4,056 units. The properties will be rebranded under its new name, Storage Solutions. The new ownership took title as FAEC Holdings Claremont LLC.
The portfolio includes:
· 15555 Yates Road in Victorville;
· 9353 Mariposa Ave. in Hesperia;
· 13475 Baseline Road and 13473 Foothill Ave. in Fontana;
· 10192 Linden Ave. and 18777 Bloomington Ave. in Bloomington;
· 525 W. Arrow Highway in Claremont; and,
· 18791 Collier Ave. in Lake Elsinore.
Robert Benner of Tustin-based Self Storage Brokerage Inc. represented the seller, Empire Self Storage. Christopher Rising of The Rising Real Estate Group represented the buyer.
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