The self-storage real estate partnership of Barker Pacific Group and Artemis Real Estate Partners Fund I recently acquired Security Self Storage in Rohnert Park, Calif., as the third property in the groups portfolio.
The eight-building, 64,675-square-foot complex is on 3.2 acres and features 629 rentable units. The facility, 601 Martin Ave. in Sonoma County, was purchased for $5.4 million and is currently 87 percent occupied. It will be rebranded as Storage Solutions.
Conveniently close to Sonoma State University, Security Self Storage is a strong addition to the Storage Solutions portfolio, said Jae Ho, chief operating officer of Storage Solutions. It boasts an appealing variety of unit layouts, with each unit easily accessible for customers.
Over the next several months, the company plans to install a network of security cameras throughout the facility, as well as a new gate-security system for keypad access. The existing rental office will be expanded to offer moving supplies.
Storage Solutions is Barker Pacific Groups self-storage division, originally operating under Union Development Co. (UDC). UDC maintained 21 Storage Solutions in Southern California until the portfolio was sold to a real estate investment trust in 2011. Barker Pacific Group relaunched the brand last year and plans to expand throughout California, company officials said.
Barker Pacific Group acquired Global Self Storage in Norco, Calif., earlier this year as part of its joint venture with Artemis, as well as King Road Self-Storage Facility last April in San Jose, Calif., for $8.5 million.
Founded 28 years ago, Barker Pacific Group is comprised of real estate professionals active in asset management, acquisitions and development of commercial projects, including self-storage.
Artemis Real Estate Partners is a real estate investment management firm that has raised $736 million of investor capital across the Artemis Fund I and The New York State Common Retirement Fund.
