Cushman & Wakefield Facilitates San Diego Storage Sale
- Dec 04, 2018
Baron Equities has sold Aero Drive Self Storage, an 88,000-net-rentable-square-foot facility in San Diego, to a national buyer. Cushman & Wakefield’s Self Storage Practice Group arranged the sale and represented both the buyer and the seller in the deal. CubeSmart is the manager of the facility.
The storage development is located at 9645 Aero Drive in San Diego’s Kearny Mesa neighborhood alongside Interstate 15, approximately 10 miles from downtown San Diego and San Diego International Airport. The newly completed self storage facility comprises units ranging from 25 to 250 square feet. Characteristics of the building include climate control, gate, drive-up access and security camera, according to Yardi Matrix.
“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,” said Greg Wells, senior director at Cushman & Wakefield, in prepared remarks. “Sold at completion of construction, the project offers the buyer the possibility of higher yields versus stabilized assets.”
Earlier this year, Wells also arranged the sale of a 140,048-square-foot self storage facility in Los Angeles.
Image courtesy of Cushman Wakefield