Southern California Top Target for Self Storage Developers/Investors
Riverside, Ca– Cushman & Wakefield announced today it has completed the sale of a fully entitled, ready to build self storage site in Southern California’s Inland Empire. Situated in the city of Riverside, the nearly 3-acre site is approved to build approximately 77,000 rentable square feet of Class A, institutional quality, storage space. The site is located on Palm Avenue adjacent to the dynamic, high growth downtown Riverside corridor.
The buyer was Frontera Real Estate, a San Diego-based developer focusing on the self storage sector. Greg Wells, Managing Director with Cushman & Wakefield’s Self Storage Practice Group handled the transaction on behalf of the seller, David Peery with Kingsfield Development, a private development firm based in Riverside.
“The Inland Empire is a market that we have specifically targeted due to the high barriers to entry and strong performance of our local stores. We are excited for the opportunity to grow our portfolio in Riverside through this development,” said Bryan Grissinger, Principal of Frontera Real Estate.
“The self storage market continues to see strong demand from all capital sources,” said Wells. “This transaction is an example of the continued appetite for well-located development opportunities in high-end, high barrier to entry markets.”
The Cushman & Wakefield Self Storage Practice Group is a full service real estate platform dedicated to the self storage asset class. The group offers investment advisory, valuation, consulting, feasibility and data services in all major markets in the U.S. store features dual entry on the ground floor, as well as two levels of subterranean parking.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.