InSite Property Group Pays $47M for Portland Storage Portfolio
Goldman Sachs originated a $200 million line of credit for the company’s current purchase and future acquisitions.
SecureSpace North East Portland. Image courtesy of InSite Property Group
InSite Property Group has finalized the acquisition of a two-property self storage portfolio encompassing 2,250 units in Portland, Ore. Leon Capital Group sold the newly built facilities for a total of $47 million, according to Multnomah County records. The purchase is the first closing of a larger portfolio deal between the two companies.
The buyer secured a $200 million line of credit from Goldman Sachs to fund the current acquisition, as well as future transactions, according to a prepared statement from InSite Property Group Partner Keith Wetzel. The mortgage is set to mature in January 2023, public records show.
Located on 2 acres at 16017 SE Division St., the three-story facility called SecureSpace Centennial spans 110,000 square feet and encompasses more than 1,000 climate-controlled units. In February 2019, Leon Capital Group funded the construction of the property with an $11.9 million loan from Comerica Bank, according to Yardi Matrix data.
The second facility occupies nearly 3.5 acres at 3737 NE Columbia Blvd. The new owner will rename the three-story building SecureSpace North East Portland. The 140,000-square-foot property is fully climate-controlled and provides more than 1,250 units. In 2018, Zions Bank originated a $28.1 million development loan for the project, the same data provider shows. The site is less than 2 miles from Portland International Airport.
In December, Insite Property Group paid $20.5 million for a 92,000-square-foot self storage facility in Spring Valley, Calif. Frontera Real Estate sold the 2019-built asset.
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