CBRE Global Investors has acquired 232,536sqft worth of self-storage assets in Arizona, Florida and New York on behalf of one of its funds.
The real estate investment manager said the portfolio includes 2,165 individual self-storage units and were purchased as part of a joint venture partnership.
The assets, which are all climate-controlled, will now operate under the StorQuest Platform.
“We believe that these assets are positioned in undersupplied markets with strong demographics and robust population and job growth over the last decade,” said Kim Hourihan, portfolio manager and CIO for Americas at CBRE Global Investors.
“These areas feature solid demand drivers given their regional access, affordable labour costs, and low cost of living.”
Ethan Khalil, commercial acquisitions for CBRE Global Investors, said: “These are high-quality assets in markets that have strong buyer demand for this type of product and high barriers to entry.
“We believe that these factors, coupled with the sought-after and differentiating climate-control feature that all four facilities offer, will likely continue to drive up pricing.”