Recent deals continue to show strength in the Inland Empire’s self-storage market. According to public records, an entity linked to Baranof Holdings acquired a 118,526 square foot self-storage building in Riverside for $22.98 million, or about $194 per square foot. The seller in the transaction was an entity linked to New York-based investment management company KKR & Co.
The building is located at 3111 3rd St. and is located on 1.61 acres. The building was constructed in 2019 and is branded as Extra Space Self Storage, according to Google Maps. The property is located just off State Route 91 and east of downtown Riverside.
Founded in 2015, Baranof Holdings focuses exclusively on self-storage assets throughout the United States. Since its founding the company has developed approximately 20 properties and manages over $1.5 billion in self-storage assets.
Baranof Holdings is not the only company acquiring self-storage assets in Southern California. Over the past several years, the region has seen a number of self-storage buildings trade hands.
Approximately one year ago in February 2022, Newport Beach-based Buchanan Street Partners acquired a 95,500 square foot, three-story self-storage property in Chino Hills with 920 self-storage units. The self-storage facility is located at 15443 Fairfield Ranch Road and was purchased for $24.5 million, or about $256 per square foot.
Prior to that in January 2022, Gelt Inc. paid $26 million, or about $472 per square foot, for a 55,025 square foot, 578-unit self-storage facility at 4441 Cloud Ave. in La Crescenta.
