B
uchanan Street Partners, a Newport Beach-based developer, has acquired the Inland Medical Plaza in Upland for $6.25 million to replace it with a 123,000-square-foot self-storage facility. The four-story building will have 1,180 units on 2 acres of land. This marks the company's fifth investment in the self-storage sector, adding to its existing portfolio of 6,800 units across Santa Clarita, Auburn, Chino Hills, and Mesa, Arizona.

    According to Robert Brunswick, co-founder and chairman of Buchanan Street Partners, self-storage facilities are more cost-efficient than multifamily or industrial rents on a per square foot basis. The company aims to build a $500-million-plus portfolio of institutional-quality self-storage assets throughout the Western U.S., with investments ranging from $10 million to $50 million.

    The Upland project is part of Buchanan Street Partners' thematic approach to investing in well-located self-storage properties in highly sought-after Western U.S. markets. The company believes a premium self-storage facility will fill a void in the marketplace, pending approvals. Construction could be completed by 2026, although the cost was not disclosed.