Aug 26, 2009 – Barker Pacific Group Acquires Elsinore Valley Self Storage to Expand West Riverside County Presense
By Union Development Co.
LOS ANGELES, CA - August 31, 2009 - Los Angeles-based real estate developer, Barker Pacific Group (BPG), through its affiliate, Union Development Company (UDC), has acquired Elsinore Valley Self Storage, a self-storage and RV storage facility. Located in the city of Lake Elsinore, in Western Riverside County, California, the property was purchased for $5.28 million from DGS Development Partners, a California company.
The acquisition includes over 100,000 square feet of rentable space with 600 storage units and RV parking spaces on six acres. The transaction brings BPG/UDC's total number of Storage Solutions stores to 19 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've been ready, but patient, to grow our portfolio. This acquisition strengthens our position and diversifies our product offering in this rapidly growing area."
Jae Ho, Operations Manager, said, "We'll work to ensure this is an easy transition for existing customers. As we integrate our systems and approach, we'll be able to provide existing and new customers the benefits of Storage Solutions."
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 19 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, 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 Phoenix.