CBRE announced the sale of a 49,937 square-foot self-storage facility in Las Vegas to California-based Public Storage for $10.7 million. The seller, Ochoa Development, delivered the new state-of-the-art property to the buyer, Public Storage, at the completion of the project.
CBRE’s Self Storage Advisory Group represented the seller, Ochoa Development Corp., in the transaction.
Centennial Storage, located at 8565 W. Rome Blvd., will consist of 600 self-storage units ranging in size from 4’x4’ to 21’x13’. The property offers numerous amenities including 24-hour video surveillance cameras, and easy access location in a brand-new facility. The surrounding area boast excellent demographics with a population of 246,465 within a 5-mile radius with an average household income of approximately $89,451.
“The Las Vegas – Henderson – Paradise metro contains the largest concentration of people in the state, which provides consistent demand for self-storage facilities,” said Walter Brauer, First Vice President of CBRE’s Self Storage Advisory Group. “The influx of people into this area justifies the construction of new, high-quality self-storage properties such as Centennial Storage. Las Vegas continues to be a target destination for investors looking to buy self-storage facilities.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.