The two-property portfolio was recently completed and approximately 85% occupied at closing. The properties total 166,877 rentable square feet in 1,135 storage units. Both facilities are located in high exposure locations with excellent access to Interstates 5.
The buyer was global real estate investment manager Invesco Real Estate, in partnership with Baranof Holdings, who plans to rebrand the facilities. Greg Wells, Jim Lewis, Luke Elliott and Mike Mele with Cushman & Wakefield’s Self Storage Advisory Group handled the transaction. The seller included MWIC Parkway, LLC and MWIC Turner Road LLC, the original developers of the property.
“The opportunity to acquire a newly built portfolio of single-story drive up assets in a fast growth Pacific Northwest market is rare,” said Greg Wells.
"There was tremendous interest in these properties which is a demonstration of the strength of the product type as well as the location and performance of these particular properties,” added Jim Lewis.
“The Nest assets are in excellent locations within the Salem market and have solid upside potential,” said Steve Cobbs, Associate Director, Transactions at Invesco Real Estate. “These assets make 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.