N e w s R e l e a s e FOR IMMEDIATE RELEASE
FROM: BarKER PACIFIC GROUP & Artemis Real Estate Partners
Gary Pike, APR
BARKER PACIFIC GROUP AND ARTEMIS REAL ESTATE PARTNERS ACQUIRE
GLOBAL SELF STORAGE ASSET TO BUILD ON STORAGE SOLUTIONS BRAND
NORCO, CA – January 18, 2013 – Barker Pacific Group (BPG) and Artemis Real Estate Partners Fund I (Artemis) have acquired Global Self Storage via a joint venture, and will re-launch the facility under its Storage Solutions brand. The 113,429 square foot, seven building complex sits on 4.12 acres and features 908 storage units along with surface parking for boat and RV storage. The facility is located at 240 Hidden Valley Parkway in Norco CA, in Western Riverside county off of Highway I-15. Approximately 68 percent of the complex is occupied.
"We are excited to add another property to our Storage Solutions portfolio,” said Jae Ho, COO of Storage Solutions. "We were attracted to the property’s location, high quality construction and amenities for tenants, and the current property management team that will augment the company.”
This is the second property acquired as part of Storage Solutions’ strategy. The joint venture purchased the property out of receivership in December 2012. The joint venture previously acquired the King Road Self-Storage facility in San Jose in April of 2012 to re-launch the Storage Solutions brand. Storage Solutions is rebuilding its assets portfolio to offer consumers and businesses a variety of self-storage space and supplies at convenient locations throughout California.
"With each expansion we are working to ensure an easy transition for existing tenants,” said Ho. "As we integrate our system and approach, we’ll be able to provide existing and new customers the benefits of Storage Solutions.”
About Barker Pacific Group and Artemis Real Estate Partners:
Barker Pacific Group was founded more than 28 years ago and is comprised of experienced real estate professionals active in asset management, acquisitions and development of major commercial projects. In San Francisco, BPG developed 100 First Plaza and currently owns and manages One Sansome Street.
Some of BPG’s other notable projects include: Hamilton Landing and Rowland Plaza in Marin County; The Fine Arts Building, 626 Wilshire Boulevard and 5055 Wilshire Boulevard in Los Angeles; 101 Continental in El Segundo and The Miami Arena and Columbus Center in South Florida.
In addition to Storage Solutions, the firm also manages and owns Bayside Communities, a portfolio of over 27 affordable multifamily housing properties located throughout the West. BPG has offices in San Francisco, Los Angeles and Marin County. The company specializes in the development and acquisition of institutional quality office, retail, and residential projects in select U.S. cities. For more information, visit www.barkerpacific.com.
Artemis Real Estate Partners is a real estate investment management firm that seeks to invest with best-in-class local operating partners across opportunistic, value added and enhanced core strategies. Artemis has raised $736 million of investor capital across two vehicles: $436 million of capital for Artemis Fund I and $300 million of capital in a separate account with The New York State Common Retirement Fund. More information about Artemis may be found at www.artemisrep.com.
About Storage Solutions:
Storage Solutions is a growing leader in the self-storage industry, offering consumers and businesses a variety of self-storage space and supplies throughout California. Storage Solutions is Barker Pacific Group’s self-storage division originally operated under the Union Development Company. UDC maintained Storage Solutions in 21 locations throughout Southern California until the portfolio assets were sold to a public REIT in late 2011. BPG maintained rights to the Storage Solutions brand and is re-launching the company and pursuing value investments to rebuild its portfolio throughout California. For more information, visit www.storagesolutionsca.com.
# # #