Buchanan Street Partners, LP, a real estate investment management firm based in Newport Beach, has made its foray into the Northern California market with the acquisition of a top-tier self-storage facility at 12200 Rock Creek Rd. in Auburn.
The property spans 116,500 square feet and includes 825 self-storage units and 40 RV parking spaces. It was purchased for $20.75 million through an off-market deal with a private owner operator. Westport Properties Inc., operating under its US Storage Centers brand, will serve as the property manager.
According to Buchanan VP Feerooz Yacoobi, this transaction presents an exceptional opportunity to acquire a premium stabilized self-storage asset at or near replacement cost while also offering significant potential for growth through professional third-party management services. In addition to streamlining operations and improving online presence of the facility, there is also room for expansion on over two acres of vacant land on site.
