Barker Pacific Group Inc. and Artemis Real Estate Partners LLC have partnered to buy King Road Self-Storage in San Jose, Calif. for $8.5 million, the first of what the companies hope will be several acquisitions in the Southwest.
The 112,590-square-foot, three-building complex sits on 3.2 acres and includes 1,039 storage units along with surface parking for boat and RV storage. The purchase will be branded as Storage Solutions.
King Road Self-Storage was lender-owned. The brokers for the seller were Charles “Chico” LeClair and Nicholas Walker of Marcus & Millichap Real Estate Investment Services. Barker Pacific represented itself in the transaction.
Barker Pacific Group is a firm of real estate professionals active in the acquisition, development and management of commercial properties. Its subsidiary, Union Development Co., specializes in the acquisition and operation of self-storage facilities, industrial properties and neighborhood retail centers, with all self-storage sites branded as Storage Solutions.
Artemis is a private equity real estate investment manager.