News
WANNA BE STARTIN? SOMETHIN? (AGAIN)
April 4, 2012
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| Barker Pacific Group sold its 21-property self-storage portfolio last year, but it wasn't done there, having just formed a JV with Chevy Chase, MD-based Artemis Real Estate Partners to acquire self-storage assets throughout the Southwestern US. Managing director Michael Barker, with lovely wife Janice, was boarding a flight to Oakland when we caught up with him this morning. (Don't ask us how we got past security.) The programmatic JV, with commitments of equity on both sides, has made its first acquisition: King Road Self-Storage in San Jose, 1,039 units plus boat and RV storage. The lender-owned property was acquired for just under $8.5M. Michael tells us the objective is to rebuild a portfolio of self-storage facilities, relaunching BPG?s Storage Solutions brand. ?It's a real estate class that we think has good stability as well as good upside.? |
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| The partners bought King Road 40% vacant and leased four units the first day. (Not just because one of those reality shows featured a Storage Solutions facility last year.) The partners plan to buy projects of 800 units and up because you get better management scale. According to Michael, self-storage is management-intensive because leases are month-to-month, unlike office buildings. Speaking of which, he reports good leasing activity on the former Bear Stearns space at One Sansome. He's also working with Disney to backfill 120k SF the latter is vacating at Hamilton Landing in Marin County. Michael says it's a unique space that's highly improved with a tremendous amount of amenities. Beyond that, he enjoys spending time with Janice, going to the gym, traveling, and food and wine. |
