December 18, 2020
Invesco Real Estate, in partnership with Baranof Holdings, acquired the Nest Self-Storage portfolio in Salem for an undisclosed amount. The seller included MWIC Parkway, LLC and MWIC Turner Road LLC, the original developers of the property.
The two-property portfolio was recently completed and is roughly 85% occupied. The properties total 166,877 rentable square feet and contain 1,135 storage units.
Invesco Real Estate’s Steve Cobbs says, “The Nest assets are in excellent locations within the Salem market and have solid upside potential. These assets make an excellent addition to Invesco’s growing self-storage portfolio.”
Cushman & Wakefield’s Greg Wells, Jim Lewis, Luke Elliott and Mike Mele handled the transaction.
Wells says, “The opportunity to acquire a newly built portfolio of single-story, drive-up assets in a fast growth Pacific Northwest market is rare.”
For comments, questions or concerns, please contact Dennis Kaiser