Situated in the core, Morena District, Morena Storage totals 108,700 rentable square feet and 1,640 units and was approximately 90% occupied at the time of sale. The store is located adjacent the intersection of Interstates 5 and 8 and is visible to over 300,000 cars per day.
The buyer was global real estate investment manager Invesco Real Estate, in partnership with Baranof Holdings, who plans to maintain the brand name Morena Storage. Greg Wells with Cushman & Wakefield’s Self Storage Advisory Group together with Bryce Aberg, Brant Aberg and Zachary Harman of the firm’s Industrial / Capital Markets Group handled the transaction on behalf of the seller, Sherman Street Ventures, the original developer of the property.
“The opportunity to acquire a stabilized, immaculately maintained self storage asset in such a dynamic, core part of San Diego is extremely rare,” said Greg Wells. "The fact we were able to close on a project given the current economic climate we face is a testament to the strength of the asset class, location and diligence and hard work of both buyer and seller."
“Morena Storage is a core, stabilized facility in an irreplaceable location,” said Steve Cobbs, Associate Director, Transactions at Invesco Real Estate. “It makes an excellent addition to Invesco’s growing self storage portfolio.”
The Cushman & Wakefield Self Storage Advisory Group is a full service real estate platform dedicated to the self storage asset class. The group offers investment advisory, valuation, consulting, feasibility and data services in all major markets in the U.S.