November 27, 2018 – Cushman & Wakefield announced it has completed the sale of Aero Drive Self Storage in San Diego County. The project is located at 9645 Aero Drive in the Kearny Mesa area of central San Diego and totals 88,000 rentable square feet. The seller was Los Angeles-based Baron Equities and the buyer was a well-capitalized, national operator. Greg Wells, Senior Director of Cushman & Wakefield’s Self Storage Practice Group, represented both Buyer and Seller in the transaction.
“Aero Drive Self Storage is a best-in-class asset located on a main thoroughfare with high traffic counts in a densely populated, high barrier to entry Central San Diego trade area,” said Wells. “Sold at completion of construction, the project offers the buyer the possibility of higher yields versus stabilized assets.”
Wells added, “The self storage market overall maintains strong demand from all capital sources and in particular institutional players. San Diego is a very difficult market to penetrate and the opportunity to acquire an asset of this quality is extremely rare.”
The Cushman & Wakefield Self Storage Practice 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.