Los Angeles-based Baron Equities has sold Aero Drive Self Storage, a 88,000-square-foot self-storage facility at 9645 Aero Drive in the Kearny Mesa area of San Diego, to a “well-capitalized, national operator” identified as CubeSmart in a photo that accompanied a release from a representative of Cushman & Wakefield (C&W). The sale price was not revealed in the release, but sources unrelated to the deal report that it was $19,118,000.
According to the statement, Greg Wells, senior director of C&W’s Self Storage Practice Group, represented both parties the transaction. Wells is quoted in the release as saying, “Aero Drive Self Storage is a best-in-class asset located on a main thoroughfare with high traffic counts in a densely populated, high-barrier-to-entry Central San Diego trade area. Sold at completion of construction, the project offers the buyer the possibility of higher yields versus stabilized assets.”
Wells adds that the all capital sources — in particular, institutional players — are interested in the national self-storage market, but “San Diego is a very difficult market to penetrate, and the opportunity to acquire an asset of this quality is extremely rare.”
As we reported in October, Strategic Storage Growth Trust Inc. has entered into a definitive merger agreement with Strategic Storage Trust II Inc., according to a statement from SSGT Inc. The statement said SSGT will merge with and into a wholly owned subsidiary of SST II.