Laura Hines-Pierce And Tom Lawless Of Hines Acquire Self Storage Facility In Cerritos For $91M

The property involved in this transaction is a self-storage facility located at 17900 Crusader Avenue in Cerritos, California. The asset spans 4.95 acres and consists of 260,273 square feet with a total of 2,460 units. The transaction was completed for an amount of $91,000,000, which translates to a price per unit of $36,992 and a price per square foot of $350.

Summary of transaction details:

• Property Type: Self Storage
• Transaction Amount: $91,000,000
• Address: 17900 Crusader Avenue
• Market: Cerritos
• Assets Size: 260,273 SF
• Units: 2,460
• Price Per Unit: $36,992
• Price Per Square Foot: $350

In this deal, the buyers were Laura Hines-Pierce and Tom Lawless, representing Hines. The sellers included Brian Shniderson from Capital 360 and Mike Freno from Barings. The transaction was facilitated by brokers Nick Walker and Trevor Roberts from Self Storage Advisory Group - CBRE, showcasing their expertise in the market even amidst prevalent slowdowns.