News Summary
Buchanan Street Partners has made a significant $21.8 million investment in Las Vegas by acquiring a self-storage facility. The property features 917 units across 103,570 square feet and is located at 310 Rock Springs Drive. This marks Buchanan’s entry into the Las Vegas market, enhancing its focus on high-demand self-storage solutions. US Storage Centers will manage the property, indicating a strategic expansion into the self-storage sector amid growing demand in urban areas.
Las Vegas – Newport Beach-based Buchanan Street Partners has made a significant investment in the Las Vegas real estate market by acquiring a self-storage facility for $21.8 million. The recently constructed property comprises 917 units contained within three buildings, totaling 103,570 square feet. This purchase consolidates Buchanan’s growing footprint in the self-storage sector.
The facility is situated at 310 Rock Springs Drive in Las Vegas and was acquired through an off-market transaction directly from the developer. US Storage Centers has been appointed as the third-party property manager, who will oversee operations at the new site.
This investment marks Buchanan Street Partners’ first foray into the Las Vegas self-storage market. Previously, the firm has focused its efforts on self-storage facilities in regions such as Southern California, Arizona, and Oregon, where it has established a substantial portfolio of nearly a dozen properties.
Feerooz Yacoobi, senior vice president at Buchanan Street Partners, highlighted the strategic importance of the new facility’s location, noting its proximity to two major thoroughfares and its closeness to the Summerlin area, which is known for its high demand for storage solutions. The purchase aligns with Buchanan’s strategy to focus on well-located, recently constructed class A storage assets, which are becoming increasingly sought after in today’s real estate market.
Buchanan Street Partners has a defined investment strategy, focusing on self-storage facilities that typically range from 50,000 to 100,000 square feet and valued between $10 million and $50 million. The firm’s self-storage investment team, which includes Yacoobi, Jon Suddarth, and Conor O’Brien, actively targets opportunities across the Western United States.
The self-storage industry has experienced a surge in demand, particularly in urban areas where space is at a premium. This acquisition demonstrates Buchanan Street Partners’ commitment to expanding its portfolio and leveraging growth opportunities in burgeoning markets like Las Vegas. With the sale now finalized, the firm aims to enhance its operations and cater to the needs of residents and businesses in the area looking for reliable storage solutions.
In summary, the purchase of the self-storage facility at 310 Rock Springs Drive signifies Buchanan Street Partners’ strategic entry into the Las Vegas market while further diversifying their investments in the self-storage arena. With this acquisition, the firm continues to solidify its position as a key player in the property investment sector.
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Additional Resources
- Orange County Business Journal
- Nasdaq
- Inside Self Storage
- Business Wire
- World Property Journal
- Wikipedia: Self-storage
- Google Search: self-storage market Las Vegas
- Google Scholar: self-storage industry Las Vegas
- Encyclopedia Britannica: Self-storage
- Google News: Buchanan Street Partners Las Vegas
