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Newport Beach-based Buchanan Street Partners has added another self-storage facility to its portfolio – this one a newly-constructed 917-unit, three-building property in Las Vegas.
The real estate investment firm bought the 103,570-square-foot self-storage property at 310 Rock Springs Drive, Las Vegas, for $21.8 million.
Buchanan Street Partners bought the self-storage facility in an off-market transaction from the project’s developer. US Storage Centers, a third-party property manager, will manage the facility.
The purchase marks Buchanan Street Partners’ first-ever self-storage property in the Las Vegas market. The firm, however, owns nearly a dozen such properties in Southern California, Arizona and Oregon.
“The facility sits as a bill-board location along two heavily traveled thoroughfares and is within close proximity to the Summerlin market,” Feerooz Yacoobi, senior vice president at Buchanan Street Partners, said in a statement. “This acquisition aligns with our strategy of acquiring well-located, recently built class A storage assets.”
Buchanan Street Partners actively invests in self-storage properties throughout the Western U.S.
The firm’s self-storage investment team is made up of Yacoobi, Jon Suddarth and Conor O’Brien. The typical Buchanan Street Partners investment is for a self-storage facility between 50,000 and 100,000 square feet, with each property valued at $10 million to $50 million.