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SAN BERNARDINO, CA-An Orange County buyer has acquired a $66.3-million portfolio of 14 self-storage centers, most of them here and in other Inland Empire cities, from Memphis-based Storage USA. The properties include 10 storage centers in Southern California, three in Arizona and one in Nevada, reports Charles LeClaire of Marcus & Millichap’s Denver office, who brokered the sale. LeClaire represented both the seller and the buyer, Crown Ridge Storage LLC, with GE Capital Corp. and Buchanan Capital providing the financing. The buy represents a chance for the new owner to significantly reduce vacancy and increase net operating income, according to LeClaire. The portfolio totals 9,469 units and 1.1 million sf. It consists of 10 facilities in Southern California, as well as three properties in Arizona and one in Nevada. Five of the Southern California properties are located in San Bernardino with another five in the Palm Springs area. The properties feature excellent visibility and climate control for some units. Two of the Arizona properties are located in Phoenix and the other is in Mesa. The Nevada property is a 413-unit facility located in Las Vegas. Storage USA, which has more than 500 locations in 32 states and the District of Columbia, was acquired by General Electric in May 2002 and focuses on providing dependable service for both home and business storage. Its properties feature computer-controlled access gates and security systems. Storage USA also rents trucks and sells packing supplies. The transaction was the second major sale in the past year that LeClaire has brokered involving a large Southern California portfolio of storage properties. He also listed and closed a separate 14-property portfolio worth $85 million in the same three states last year.

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