CBRE arranged the sale of Extra Space Storage in Cerritos to Hines for $91 million. Nick Walker and Trevor Roberts of CBRE’s Self Storage Advisory Group represented the seller, a joint venture between Los Angeles-based self-storage developer Capital 360, LLC and Charlotte-based global investment firm Barings.
The 260,273 square-foot, three-story facility is located at 17900 Crusader Ave. on a 4.95-acre site adjacent to the I-605 freeway. Originally constructed in 2020, the asset is comprised of 2,460 storage units. The facility was more than 88% occupied at the time of sale.
“This is the largest single-property self-storage sale in history and our team fielded many competitive offers throughout the marketing process,” said Walker. “This asset offers cutting-edge technology and is strategically located within a highly populated area within Los Angeles County with superb demographics. The quality of the asset is truly unmatched.”
The site was originally purchased by Capital 360 and Barings in 2018.
