December 3, 2019
Cushman & Wakefield self storage guru Greg Wells has finalized the sale of a fully-entitled self storage development site to San Diego’s Frontera Real Estate. The downtown Riverside, CA project has yet to break ground according to the announcement, and sold for an undisclosed amount.
Frontera, an experienced owner/developer of self storage assets, will develop a 77,000-square-foot facility for its growing portfolio. Demand and fundamentals in the area are healthy, and his company’s interest keen, said Bryan Grissinger, principal with Frontera. “The Inland Empire is a market that we have specifically targeted, due to the high barriers to entry and strong performance of our local stores.”
Wells concurred, adding “this transaction is an example of the continued appetite for well-located development opportunities in high-end, high barrier-to-entry markets.”
The seller, Kingsfield Development, commenced entitlements for the three-acre site in January 2017, according to the company’s website.
For comments, questions or concerns, please contact Chris Egger