CBRE has successfully facilitated the sale of Extra Space Storage in Cerritos to Hines for a record-breaking $91 million. The seller, a joint venture between Capital 360 and Barings, was represented by Nick Walker and Trevor Roberts from CBRE’s Self Storage Advisory Group.
The three-story facility spans over 260,000 square feet on a 4.95-acre site next to the I-605 freeway. With its modern construction completed in 2020, it offers an impressive total of 2,460 storage units. At the time of sale, it was already more than 88% occupied.
According to Walker: “This is truly an exceptional property with state-of-the-art technology and prime location within densely populated Los Angeles County with strong demographics.” He also mentioned that their team received multiple competitive offers during the marketing process due to these desirable features.
Capitalizing on this opportunity were Capital360 and Barings who originally acquired the site back in2018.
