BPG Affiliate: Union Development Company

Union Development CompanyStarting in 1895 , Union Development Company, Inc. (UDC) had been one of the leading real estate development companies in Southern California. As a leader in commercial and industrial real estate development, the company helped to shape and improve the Long Beach, Lakewood, Cerritos, Artesia, Bellflower, and neighboring communities of Southern California. UDC's holdings exceeded 1.5 million square feet of properties and included retail shopping centers, apartment complexes, office buildings, industrial parks, self-storage units, and R.V. storage facilities.

After 110 years of family ownership, UDC was acquired in 2005 by an entity controlled by Barker Pacific Group and Angelo Gordon & Company, a major New York-based investment manager. BPG served as the managing partner, managing the company through 2011, when the assets were sold to Extra Space Storage Inc., a public self storage REIT.

During the period from 2005 through 2011, BPG was successful in substantially reducing overhead while increasing revenues and net operating income. Numerous non-strategic assets were sold by BPG and proceeds were used to increase the successful self storage assets portfolio.

Under BPG's direction, the self storage assets were more than doubled before the sale to Extra Space Storage Inc. After the sale, the entity was dissolved and the gains were distributed to the stakeholders.

Storage Solutions - Self StorageBPG continues in the self storage business, operating under the Storage Solutions banner.

Learn more at UnionDevelopment.com and StorageSolutionsCA.com