Dealmaker: CBRE Arranges $91M Sale in Los Angeles

(Illustration courtesy of CBRE)

CBRE, Dallas, arranged the sale of Extra Space Storage in Cerritos, Calif. to Houston-based investment firm 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 investment firm Barings in the transaction.

Capital 360 and Barings acquired the site in 2018.

The 260,275-square-foot, three-story facility is located at 17900 Crusader Avenue on a 4.95-acre site adjacent to the I-605 freeway. Constructed in 2020, the asset includes 2,460 storage units, more than 88% occupied at the time of sale.

“This is the largest single-property self-storage sale in history,” Walker said. He noted the asset is strategically located within a highly populated area within Los Angeles County with good demographics.

There are more than 630,000 residents within a five-mile radius of the property with an average household income approaching $117,000.