IE Business Daily Business news for the Inland Empire.
A real estate investment and management firm in Newport Beach will develop a self-storage facility in Upland.
Buchanan Street Partners recently purchased two acres at 1382 W. Foothill Blvd. for $6.2 million from a private investor/developer whose name was not released, according to a statement.
Construction is expected to start immediately and be completed by January 2026.
The 123,000-square-foot structure, which will replace an abandoned medical building, will have 1,180 units. It will be located in a heavily traveled retail area just north of Interstate 10.
Cost of the project was not disclosed.
“There is an extremely limited amount of new climate-controlled self-storage supply currently available within this trade area,” said Feerooz Yacoobi, vice president with Buchanan, in the statement. “This facility will fill a void within the marketplace.”
Buchanan, which specialize in self-storage and multifamily development, is assembling a portfolio of self-storage facilities throughout the western United States that will be worth more than $500 million, according to the statement.
