N e w s R e l e a s e FOR IMMEDIATE RELEASE
FROM: BarKER PACIFIC GROUP & Artemis Real Estate
CONTACT: Gary Pike, APR
PACIFIC GROUP AND ARTEMIS REAL ESTATE PARTNERS ACQUIRE
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
"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:
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.
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:
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.
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