June 6, 2019 – CBRE announced the sale of a three-property self-storage portfolio in California’s Inland Empire to real estate investment and development company Barker Pacific Group.
CBRE’s Nick Walker and Trevor Roberts represented the seller, Aim All Storage. Brad Wilmot and Ben Wagner of CBRE facilitated the loan on behalf of the buyer.
The Aim All Storage portfolio includes properties located at 11215 Indiana Avenue in Riverside, at 25093 Bay Avenue in Moreno Valley and at 859 Desert Lawn Drive in Beaumont. The portfolio features 2,253 units combined totaling 334,966 square feet, plus an additional 136,402 square feet of parking space. The properties have an average 5-mile population of more than 151,000, boding well for future demand.
“The portfolio offered investors three high-quality assets in a very desirable market within Southern California,” said Walker. “The location of each asset boasts high barriers to entry and excellent demographics with significant planned residential developments nearby.”
Added Roberts, “With minimal supply within these strong Southern California markets and the rising demand for self-storage, the outlook for rental rates and occupancies continues to be strong.”
The Inland Empire has benefited from an influx of new residents from neighboring markets, according to the latest CBRE research. The region’s nonfarm workforce employment expanded year over year by 18,300 jobs in February with seasonally unadjusted unemployment rate decreasing to 4.3%, lower than the state. This healthy job market and relative lower cost of living as compared with some of the other markets in the Greater Los Angeles region has supported a vibrant office, housing and retail market.