Aug 10, 2010 – Union Development Co. Acquires First Choice Self Storage
Store to be Rebranded "Storage Solutions"
LOS ANGELES, CA – August 10, 2010 – Los Angeles-based real estate developer, Barker Pacific Group (BPG), through its affiliate, Union Development Company (UDC), has acquired First Choice Storage, a self-storage and RV storage facility. Located in the city of Fontana, in San Bernardino County, California, the property was purchased for $5.075 million.
The acquisition includes 90,890 square feet of rentable space with 747 storage units of which 82 are covered RV/parking storage spaces on 3.86 acres. The transaction brings BPG/UDC's total number of Storage Solutions stores to 21 serving the Southern California markets of Los Angeles, Orange, Santa Barbara, Riverside, and San Bernardino counties. The newly acquired store will be re-branded to the Company's self-storage portfolio name of Storage Solutions.
Michael Barker, UDC Chairman and Managing Director of BPG, said, " We are excited to announce the addition of our newest storage facility. This acquisition strengthens our position and diversifies our product offering in the rapidly growing Southern California market."
About Barker Pacific Group:
Barker Pacific Group is a firm comprised of experienced real estate professionals active in asset management, acquisitions, and development of major commercial projects.
The company was founded more than 25 years ago to specialize 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.
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 at 21 convenient store locations in Southern California. Storage Solutions is the self-storage division of Union Development Company. UDC has been developing real estate in Southern California for over 100 years. The firm holds more than 1.7 million square feet of property in its portfolio including retail shopping centers, industrial parks, and self-storage facilities and R.V. and boat storage facilities that are branded under the Storage Solutions name. Both company are based in Cerritos, California, and co-owned in a joint venture by BPG and New York-based Angelo, Gordon & Co., a leading investment management firm specializing in non-traditional assets. For more information, visit www.StorageSolutionsCA.com.
Several of Barker Pacific Group's other notable projects include: 100 First Plaza and Hamilton Landing in Marin County, One Sansome Street in San Francisco, The Fine Arts Building, 626 Wilshire Boulevard and 5055 Wilshire Boulevard in Los Angeles and The Miami Arena and Columbus Center in South Florida. BPG has offices in Los Angeles, Marin County and San Francisco.