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Cushman & Wakefield Announces Sale of Morena Storage in Central San Diego

7/22/2020
SAN DIEGO, Calif., July 22, 2020 – Cushman & Wakefield announced today the firm has completed the sale of Morena Storage located in central San Diego.

Morena StorageSituated 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.

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake External Link on Twitter.

Media Contact

Joshua Deale San Diego Communications Manager
Joshua Deale

Communications Manager • San Francisco

Mr. Deale leads strategic media relations and thought leadership efforts for the West Region markets, and oversees their online presence including managing article and social media efforts.