A self-storage property in Cerritos was bought by Hines, a Houston-based developer and real estate company, for $91 million.
The Extra Space Storage 260,273-squarefoot facility was sold to Hines by a joint venture group of Capital 360 LLC, a Los Angeles-based self-storage developer, and Barings, a Charlotte-based investment firm.
“This is the largest single-property self-storage sale in history, and our team fielded many competitive offers throughout the marketing process,” Nick Walker of CBRE’s Self Storage Advisory Group said in an email.
“This asset offers cutting-edge technology and is strategically located within a highly populated area within Los Angeles County with superb demographics. The quality of the asset is truly unmatched.”
Walker, along with Trevor Roberts, represented Barings and Capital 360 on the deal.
Barings and Capital 360 bought the 4.95-acre site at 17900 Crusader Ave. in 2018, and construction of the new facility was completed in 2020.
Extra Space Storage has 2,460 units and was 88% occupied at the time of the sale.
“This sale represents the culmination of our team’s expertise in every phase of self-storage development,” Capital 360 CEO Brian Shniderson said in a statement.
“From identifying the ideal location to optimizing the facility design and achieving rapid stabilization, we’ve demonstrated our ability to create exceptional value in the self-storage sector during a time when there is significant distress in commercial real estate.”
In a May 2024 report, Hines analysts said self-storage is a “small but high-performing sector.”