Portland, OR (February 25, 2021) – Buchanan Street Partners, a Newport Beach, California-based real estate investment management firm, has acquired a recently constructed three-story, 102,450 SF, climate-controlled self-storage facility located at 6191 SE Powell Boulevard in Portland, Oregon. Buchanan Street purchased the property for $22 million, or just under $215 per square foot, from Leon Capital Group in an off-market transaction.
Having received a certificate of occupancy in July 2020, the property was acquired during lease up. This new self-storage facility is approximately four miles east of Downtown Portland and offers surrounding residents and businesses best-in-class storage space. Buchanan Street has selected Westport Properties to handle property management responsibilities and will rebrand the facility as a US Storage Centers location, under Westport’s operating brand.
“The Portland transaction represented an opportunity to acquire a new Class A facility located in a top 25 MSA. The facility is situated in an extremely dense trade area and has demonstrated an impressive lease up velocity to date,” said Feerooz Yacoobi, Vice President, Buchanan Street Partners. “This acquisition is indicative of the varied opportunities that we’re looking for within our greater portfolio. In addition to stabilized assets, we will pursue early lease up and certificate of occupancy opportunities in dense and high growth markets where storage demand remains strong.”
The purchase is Buchanan’s first step in building a targeted $500 million portfolio of institutional quality self-storage assets. This acquisition represents Buchanan Street’s first equity investment within the sector since the 4th quarter 2020 announcement of their new self-storage investment platform. Buchanan Street, through its lending subsidiary, is also an active self-storage lender for bridge and construction properties throughout the Western United States.
ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that focuses on value-investing in both commercial and multifamily direct ownership and in making debt investments. Having invested in over $6.9 billion worth of real estate assets in its 20+ year history, Buchanan Street has an established track record in the commercial real estate industry. The company is comprised of a highly skilled team that has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing capital preservation.