Banner Hosford Storage LLC, a division of Banner Real Estate Group, has purchased land in Portland, Ore., on which it plans to build a four-story self-storage facility. The company paid $5 million for the 1.29-acre site in the Central Eastside Industrial District, a 681-acre area containing 1,122 businesses. The property at 627 S.E. Division Place will comprise 126,820 square feet of storage space. Permits have already been submitted to the city, according to the source.
“Even though there are multiple projects in the Portland area, it is still considered a strong market for self-storage development due to continued and projected population growth, coupled with the reduction of living space as Portland pushes for higher density,” said Cara Nolan, first vice president of commercial real estate firm CBRE, and an adviser to Banner Hosford on the deal.
In a September report, CBRE ranked Portland No. 6 on a list of undersupplied self-storage markets in the United States, the source reported. Nolan has represented developers in eight separate deals in the past year that are expected to bring five new storage facilities to the city.
Based in Northbrook, Ill., Banner Real Estate Group focuses on the acquisition, development and management of multi-family properties as well as the development of self-storage facilities nationwide.
Sources:
- Portland Business Journal: Four-Story Self-Storage Site Coming to the Central Eastside
