The self-storage real estate partnership between Barker Pacific Group and Artemis Real Estate Partners Fund I has purchased Global Self Storage in Norco, Calif. The seven-building facility is comprised of 113,429 square feet and 908 storage units on 4.12 acres. It will be rebranded under the partnerships Storage Solutions brand name. No financial terms were disclosed.
The facility has an occupancy rate of 68 percent and also offers surface parking for boat and RV storage.
We are excited to add another property to our Storage Solutions portfolio, said Jae Ho, chief operating officer of Storage Solutions. We were attracted to the propertys location, high-quality construction and amenities for tenants, and the current property-management team that will augment the company.
This is the second Storage Solutions facility to be launched by the joint venture. The group purchased its first facility last April in San Jose, Calif., for $8.5 million.
Storage Solutions is Barker Pacific Groups self-storage division, originally operated under the Union Development Co. (UDC). UDC maintained 21 Storage Solutions locations 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.
With each expansion, we are working to ensure an easy transition for existing tenants, Ho said. As we integrate our system and approach, well be able to provide existing and new customers the benefits of Storage Solutions.
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.