WASHINGTON, D.C. – August 28, 2014 – (RealEstateRama) — Global real estate investment and services firm Kennedy Wilson has announced that it represented the buyer in the sale of a self-storage portfolio for $16.4 million. Family-owned by the AMS Group for more than 40 years, the portfolio consists of three properties totaling 158,000 square feet located throughout Los Angeles and Riverside counties.
Fred Cordova, executive vice president of Kennedy Wilson’s Brokerage Group, represented the buyer, Storage Etc. Development, LLC, in the transaction.
“The self-storage sector in Southern California has experienced a solid recovery coming out of the recession and is an asset class poised for continued strong growth,” said Cordova. “Storage Etc. Development, LLC was attracted by the opportunity to purchase three well located properties in prime infill locations in greater Los Angeles, with strong value add opportunities that had never been sold.”
The three properties include 8369 Garvey Ave. and 2747 La Presa Drive in Rosemead, which was offered as a single asset; 21320 Golden Springs Drive in Diamond Bar; and 863 Town Center Drive in Pomona.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is a vertically integrated global real estate investment and services company headquartered in Beverly Hills, CA, with 25 offices in the U.S., U.K., Ireland, Spain, Jersey and Japan. The company, on its own or with partners, invests opportunistically in a variety of real estate related investments, including commercial, multifamily, loan purchases and originations, residential, and hotels. Kennedy Wilson offers a comprehensive array of real estate services including investment management, property services, auction, conventional sales, brokerage and research. For further information on Kennedy Wilson, please visit www.kennedywilson.com.