Buchanan Street Partners Launches Self-Storage Investment Platform

Real estate investment-management firm Buchanan Street Partners has launched a platform through which it intends to acquire and develop self-storage facilities in major markets throughout the Western United States. Led by Feerooz Yacoobi, who joins Buchanan as vice president, the company will invest $350 million to $500 million over the next five years, according to the source.

Buchanan was attracted to self-storage due to the sector’s performance during the economic downturn. It’ll focus on “value-add and core-plus opportunities” in areas experiencing strong population growth in Arizona, California, Colorado, Nevada, Texas and Utah, Yacoobi told the source.

Entering the self-storage market will allow Buchanan to diversify from its multi-family and office interests. “We intend to build a significant, long-term portfolio of self storage assets,” said Tim Ballard, president and CEO.

Prior to joining Buchanan, Yacoobi served as vice president of real estate for The William Warren Group (WWG), a privately held real estate company that operates the StorQuest Self Storage brand. While with WWG, he was responsible for the acquisition and development of self-storage properties in Southern California and Hawaii, according to the WWG website.

Yacoobi holds a bachelor’s degree in economics, with a concentration in real estate finance, from the University of Pennsylvania Wharton School of Business.

Founded in 1999 and based in Newport Beach, Calif., Buchanan manages commingled investment funds, institutional separate accounts, and individual institutional and high-net-worth investment vehicles. Since its inception, the firm has invested more than $6.7 billion in real estate debt and equity investments, according to its website.

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Commercial Property Executive, Buchanan Street Partners Moves Into Self Storage