Self-Storage Record
Commercial Observer
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A self-storage facility in Los Angeles County has traded in what the sellers and their brokers claim is the largest single-asset sale in the sector’s history. Read the details here. Also for today: Control of a Midtown Manhattan building changes hands after a debt default.
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— Tom Acitelli, Deputy Editor
Hines Pays $91M for SoCal Self-Storage, the Most Ever for One Property
A self-storage facility in southwest Los Angeles County has traded hands in what brokers at CBRE say is the largest single-asset self-storage sale in history. A joint venture between L.A.-based self-storage developer Capital 360 and Charlotte, N.C.-based investment firm Barings sold the three-story, 260,273-square-foot Extra Space Storage to Hines for $91 million. CBRE’s Nick Walker and Trevor Roberts represented the sellers. Built in 2020, the facility is at 17900 Crusader Avenue in Cerritos, Calif., with nearly 2,500 storage units. It was 88 percent occupied at the time of the sale. A representative for Hines did not immediately respond to a request for comment.
Barry Sternlicht’s LNR Takes Control of Midtown Building After Foreclosure Auction
Starwood Property Trust subsidiary LNR Partners has snatched back a Midtown building after the former owners defaulted on its debt to the Barry Sternlicht-led firm. An LLC sharing the same office address as Starwood’s Miami Beach office filed a new deed in property records showing that 29 West 35th Street was back in its possession for $22 million after an August foreclosure auction. The seller was Shapour Sohayegh, who runs an organization called United Group. Sohoyegh purchased the 12-story property in 2007 for a total of $30 million, property records indicate, and Sohayegh took out a $41 million loan from Wells Fargo in 2019.
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