Columbia Pacific Storage Portfolio

Addresses

1. 15902 Woodinville - Redmond Rd. NE Bldg. B, Woodinville, WA
2. 1832 180th St., Bothell, WA
3. 3600 156th St. NE, Marysville, WA
4. 19331 Hwy 99, Lynnwood, WA
5. 16750 Aurora Ave., Shoreline, WA
6. 2705 NE 4th St., Bend, OR
7. 610 Leisure Ln., Sacramento, CA
8. 741 N. Osage St., Denver, CO
9. 2111 Hudson Ave., Irondequoit, NY
10. 1711 Brighton Henrietta Town Line Rd., Henrietta, NY

Offering Price - Unpriced

Rentable Square Feet - +/- 872,080

Number of Units - 9,031

Occupancy - Physical - 49.54% ; Economic - 36.34%

BEST-IN-CLASS SELF STORAGE PORTFOLIO OPPORTUNITY - Opportunity to acquire portfolio of 10 fully-integrated self storage facilities located throughout the country. 

IMMEDIATE SCALE IN HOMOGENOUS PORTFOLIO - The portfolio boasts over 872,000 rentable square feet and 9,031 total storage units. Careful aggregation strategies by the current ownership have led to significant scale in hard to assemble markets. Portfolios of this quality rarely come for sale, and the profile and economic performance further enhance the homogeneous scaled opportunity

LONG TERM CLASS A FACILITIES - The Portfolio includes highly functional, well-located, institutional-quality properties. Each asset was developed with a long-term hold in mind. Quality, convenience, security, visibility, and functionality set each property apart from the competition within its trade area, ensuring the assets remain best-in-class for the long term.

PROPERTY MANAGEMENT PLATFORM WITH NATIONAL BRAND RECOGNITION - The portfolio has historically been managed through the CubeSmart brand, a public REIT and one of the largest self storage companies in the United States.

TOP LOCATIONS WITH MARKET-LEADING DEMOGRAPHICS AND HIGH BARRIERS TO ENTRY - The top-tier locations in densely populated Seattle, WA; Bend, OR; Sacramento, CA; Denver, CO; and Rochester, NY provide a stable platform for long-term value and growth opportunities. The portfolio has an average of over 117,000 residents and average median household income of over $100,000 in a 3-mile radius. Each facility is located in a market that has limited construction zoning allocated to self storage, which will makes it difficult to add new competition.

EXISTING CASH FLOW WITH RAPID GROWTH - Strong Y1 cash-on-cash profile and limited maintenance capex required. The portfolio’s mark-to-market rent opportunity also provides significant opportunity for yield accretion. Macro self-storage trends continue to push NOI growth, particularly in markets with limited supply. Other potential upside opportunities include implementation of a portfolio-wide tenant insurance program. In addition, the buildings are all post and beam steel structures, and this construction allows for rapid and inexpensive remix opportunities.