Nov 2, 2006 – Barker Pacific Group Acquires Empire Self Storage and Launches New “Storage Solutions” Brand
Barker Pacific Group Acquires Empire Self Storage and Launches New “Storage Solutions” Brand at Union Development Co.
Barker Pacific Group Deal Includes Eight Self-Storage Properties, Totaling 500,000 Square Feet with More than 4,000 Units.
Los Angeles—November 1, 2006—Los Angeles-based real estate developer, Barker Pacific Group (www.barkerpacific.com) (BPG), through its affiliate, Union Development Company (UDC), has acquired eight self-storage properties from Empire Companies (www.epinc.com) and will rebrand them under its storage operation’s new name—Storage Solutions. The acquisition includes nearly 500,000 square feet of space with 4,000 storage units on 25 acres. UDC paid just over $30 million for the portfolio. The properties are located throughout Los Angeles, San Bernardino, and Riverside Counties.
UDC’s acquisition of Empire Self Storage (ESS) brings UDC’s self storage holding to more than 10,000 units. UDC will fold the 4,000 unit ESS portfolio into the operation of its 10 existing storage properties with 6,000 units and consolidate all 18 locations under the new Storage Solutions brand by the end of the year. UDC’s 1.8 million-square-foot real estate portfolio includes retail, warehouse, medical office, and self storage properties located throughout the Greater Los Angeles/San Bernardino region.
“We are delighted to have found this opportunity to add to UDC’s existing real estate portfolio and bring all of our self-storage properties under the new Storage Solutions brand name,” said Michael Barker, UDC Chairman and managing Director of BPG. “When we acquired the UDC last December, we wanted to build on the economies of scale our internal management operations provide and grow the asset base as the right opportunities became available. The Empire Self Storage portfolio fit our target acquisition profile and the price was attractive.”
Ontario-based Empire Commercial, a division of real estate developer Empire Companies, sold the ESS. Robert Benner of Tustin-based Self Storage Brokerage, Inc., represented Empire Companies in the transaction and Christopher Rising of Los Angeles-based The Rising Real Estate Group (www.the-rising-group.com) represented UDC.
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 20 years ago to specialize in the development and acquisition of institutional quality office, retail, and residential projects in select U.S. cities. As a real estate developer, BPG has completed or has under development or redevelopment in excess of $1.5 billion in commercial projects, including the award winning Hamilton Landing (www.barkerpacific.com/pages/projects.php), a 550,000-square-foot, Class A office conversion project on Hamilton Air Force Base in Marin County, California. BPG acquired UDC in a joint venture with New York-based Angelo, Gordon & Co. (www.angelogordon.com), a leading investment management firm specializing in non-traditional assets.