IE Business Daily Business news for the Inland Empire.
A 701-unit self-storage facility in Chino has been sold.
Westport Properties Inc. in Irvine bought the facility at 13555 Ramona Ave. for an undisclosed sum, according to a statement released last week.
The sellers name was not released.
Westport, which owns and operates more than 13.2 million square feet of self-storage operations nationwide, plans to operate the Chino property under its brand name: US Storage Centers.
“Fundamentals in the self-storage industry remain stable,” said Charles Byerly, Westport Properties’ chief executive officer, in the statement. “We’re moving forward with our business plan of continually looking to add high-quality assets in major [markets] across the county. We expect to complete several deals this year.”
The Chino facility is made up of 13 buildings and is 99.5 percent leased, according to the statement.
