AS SEEN ON
Self-Storage Facility Located Minutes from the Santa Monica Pier
Santa Monica, CA — Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the historical sale of a 1,070-unit self-storage facility located at 1620 14th Street and 1621 Euclid Street, Santa Monica, CA. The investment’s two parcels sit on 1.39 acres at the intersection of Colorado Avenue and 14th Street. Market Leader Bill Pedersen, Associate Shane Avera, and Market Leader Maxx Bauman represented the seller in the transaction.
The 56,490 square-foot self-storage facility is in a prime location off the Santa Monica Freeway blocks away from Downtown and the Santa Monica Pier. The property is located in a corridor undergoing substantial redevelopment – including several multifamily, office, and mixed-use projects, as well as the recently completed Metro E Line.
The property was purchased by Invesco Real Estate, a global real estate investment manager, in partnership with Baranof Holdings. The investors were interested in adding to their California portfolio and acquiring an immensely rare and profitable self-storage facility. The self-storage buyers plan to invest in and enhance the property and its services.
“This self-storage asset is a unique long-term investment with tremendous room for professional management and operational efficiencies to add value,” Avera said.
Prior to the acquisition, Santa Monica Self-Storage had been held by the same owner since 1970.
“The Matthews’ marketing process allowed us to bring the most qualified and probable buyers to the table, creating a competitive bidding environment,” Bauman said. “We also created favorable terms for our client, allowing them to exit this long-term asset and find their up-leg properties.”
Matthews Real Estate Investments Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 400 agents and support staff in 14 offices across the Unites States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $92.0 billion in real estate assets under management, 592 employees and 21 regional offices across the U.S., Europe and Asia (as of March 31, 2022). Invesco Real Estate was established in 1983 and today invests across the risk return spectrum, from core to opportunistic; in equity and debt; listed and direct; locally and globally. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; http://www.invesco.com.
About Baranof Holdings
Baranof Holdings is a national developer, acquirer, and asset manager of self-storage facilities across the United States. Since 2015, Baranof Holdings has developed 19 self-storage assets across major metros including New York, Raleigh, Miami, Austin, Orange County, Los Angeles, San Francisco East Bay, Portland, Seattle, and Honolulu, and acquired 40+ existing self-storage assets. To learn more about Baranof’s portfolio and the team, see www.baranofholdings.com.
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