Commercial real estate firm Wentworth Storage Co. LLC (WSC) has purchased a self-storage facility in Tigard, Ore., as well as 2 acres of adjacent land to expand the site. The company acquired 217 Storage at 11708 S.W. Warner Ave. for $4.2 million and paid $2.3 million for the land at 11600 and 11660 S.W. Hall Blvd., according to a press release. The sellers were Saj Jivanjee and Henry Y. Louie.
The properties are along Oregon Route 217. The existing facility comprises 29,685 square feet of storage space in 270 indoor, climate-controlled units. Built in 2008, it has secured gate access as well as a covered loading and unloading area. Construction on the new 524-unit storage facility will begin in the third quarter, with completion slated for early 2018, the release stated.
“It’s rare that we are able to secure a high-quality existing self-storage facility with the ability to expand,” said Dave King, vice president of self-storage for WSC. “Wentworth is excited to add to our portfolio in Northwest with this acquisition. We see tremendous value and opportunities with this purchase.”
The project is WSC’s second in the Portland, Ore., area. It has a conversion site under development on Columbia Boulevard near Interstate 5, the release stated. WSC also purchased two industrial properties in Chula Vista, Calif., and San Diego in November, with the intent to convert them to self-storage. The facilities are expected to open this year.
Based in Phoenix, WSC was founded more than 40 years ago. The company has been involved in more than 7 million square feet of development and acquisition transactions, and has a current portfolio of 1.3 million net rentable square feet. WSC closed on more than $205 million in self-storage projects in the last year, and is either under contract or evaluating another 1 million square feet nationwide. It’s the self-storage division of commercial real estate firm Wentworth Property Co. LLC.