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Barker Pacific Group Leads Joint Venture And Acquires King Road Self-Storage To Relaunch Storage Solutions Brand
First Self-Storage Acquisition in a Programmatic Joint Venture
LOS ANGELES, CA – March 2012 – Barker Pacific Group and Artemis Real Estate Partners have formed a new joint venture to acquire self-storage assets throughout the Southwestern United States. The first investment for the venture, was King Road Self-Storage. The 118,590 square foot, three building complex in San Jose sits on 3.24 acres and features 1,069 storage units along with surface parking for boat and RV storage. The new acquisition will be branded as a Storage Solutions facility.
"We are delighted to have partnered with Artemis and found our first opportunity to re-launch Storage Solutions," said Michael Barker, managing director of Barker Pacific Group. "When we sold our storage portfolio last year we wanted to find a way to jump back in to the asset class and King Road was just that opportunity."
King Road Self-Storage was lender-owned. The brokers for the seller were Chico LeClair and Nicolas Walker of Marcus & Millichap. Barker Pacific Group represented itself. Storage Solutions is being re-launched as a leader in the self-storage industry, offering consumers and businesses a variety of self-storage space and supplies at convenient locations throughout California.
Barker Pacific Group was founded more than 27 years ago and is comprised of experienced real estate professionals active in asset management, acquisitions and development of major commercial projects. In San Francisco, BPG developed 100 First Plaza and currently owns and manages One Sansome Street.
Some of BPG's other notable projects include: Hamilton Landing and Rowland Plaza in Marin County; The Fine Arts Building, 626 Wilshire Boulevard and 5055 Wilshire Boulevard in Los Angeles; 101 Continental in El Segundo and The Miami Arena and Columbus Center in South Florida.
BPG has offices in San Francisco, Los Angeles and Marin County. The company specializes 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.
Artemis Real Estate Partners is a real estate investment management firm that seeks to invest with best-in-class local operating partners across opportunistic, value added and enhanced core strategies. Artemis has raised $736 million of investor capital across two vehicles: $436 million of capital for Artemis Fund I and $300 million of capital in a separate account with The New York State Common Retirement Fund. More information about Artemis may be found at www.artemisrep.com.