New York – January 6, 2021 – A fund sponsored by CBRE Global Investors has acquired 232,536 square feet worth of self-storage assets in Arizona, Florida and New York. Together, the assets include 2,165 individual self-storage units and were purchased as part of a joint venture partnership.
The assets, which will now all operate under the StorQuest Platform, include facilities in:
• Buckeye, a climate-controlled self-storage facility that was delivered in 2018. The facility, located at 20825 West McDowell Road in Buckeye, Arizona, offers 524 units and spans 60,625 square feet.
• Tarpon Springs, a climate-controlled self-storage facility that was delivered in April 2020. Located at 39016 US Highway 19 North in Tarpon Springs, Florida, the facility includes 610 units and spans 64,823 square feet.
• Gilbert, a climate-controlled self-storage facility that was delivered in 2019. The asset is located at 4700 South Val Vista Drive in Gilbert, Arizona, and includes 477 units spanning 59,757 square feet.
• Briarcliff, a climate-controlled facility located at 588 North State Road in Briarcliff Manor, New York. The asset includes 554 units across 50,513 square feet of space.
“We believe that these assets are positioned in undersupplied markets with strong demographics and robust population and job growth over the last decade. These areas feature solid demand drivers given their regional access, affordable labor costs, and low cost of living,” said Kim Hourihan, Portfolio Manager and CIO, Americas for CBRE Global Investors.
Ethan Khalil, Commercial Acquisitions for CBRE Global Investors, added, “These are high-quality assets in markets that have strong buyer demand for this type of product and high barriers to entry. We believe that these factors, coupled with the sought-after and differentiating climate-control feature that all four facilities offer, will likely continue to drive up pricing.”
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $114.5 billion in assets under management* as of September 30, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.