Payless Mini Storage 2 Property Portfolio
Bakersfield, CA
Executive Summary
CBRE’s Self Storage Advisory Group has been selected as the exclusive listing agent for the Payless Mini Storage Portfolio, strategically located within the city of Bakersfield, California. This portfolio represents a unique opportunity to acquire two self storage facilities separated by less than 2.5 miles as the crow flies, consisting of 1,932 total units spread across 240,070 net rentable square feet of ground-level driveup units plus 22,890 net rentable square feet of covered parking and 146,260 net rentable square feet of uncovered parking. In addition to the existing unit mix, the Kern Canyon Road location also includes +/- 9,900 square feet of office space with open storage along with an additional +/- 4,500 square feet of shop space (currently occupied by a tenant) that could be converted into more traditional interior storage units. The Niles Street location which opened in Q4 2022 also offers expansion potential, with +/- 2.69 acres of land that is adjacent to the southern boundary of the existing facility. Both facilities have dedicated leasing offices as well as on-site manager living quarters.
Bakersfield’s economy is propelled by robust sectors such as agriculture, petroleum extraction and refining, and manufacturing, underpinned by Kern County’s distinction as California’s leading oil-producing region and its ranking as the state’s fourth most productive agricultural county by value. The city hosts prominent educational institutions with a combined enrollment of about 43,000 students, cultivating a skilled labor pool that bolsters local industries. Significant upcoming developments are expected to generate hundreds of new jobs and infuse millions of dollars into the economy, cementing Bakersfield’s reputation as a vibrant hub of expansion and potential.
Investment Highlights
Team
Brokerage Team
CBRE Self Storage Advisory Group provides personalized and tailored services, backed by the nation’s foremost experience and technology, driving successful real estate outcomes for individual and institution investors alike. As the industry leader in self-storage advisory, we bring unmatched buyer exposure and market knowledge to each transaction, delivering maximum value to clients.
With more than $6.5 billion in consideration and over 45 million square feet sold since 2009, this self storage team led by Nick Walker offers customized investment sales, acquisition and recapitalization services, together with industry-leading market intelligence, to provide unmatched exposure to buyers across the country. By leveraging the strength of CBRE’s Self Storage Advisory Group, in conjunction with market research, a seamless execution process and long-standing relationships, the team can anticipate trends and command capital globally, validating CBRE’s Self Storage Advisory Group as the safest and best choice for results in the global investment property capital market.
