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Union Development Company Comes Up with $30 Mil Storage Solution

Barker Pacific Group’s (BPG) Union Development Company (UDC) has acquired a 500k sf portfolio of eight self-storage properties from Empire Companies and will re-brand them under its self-storage operation’s new name – Storage Solutions.

The properties, consisting of 4,000 units on 25 acres, traded for just over $30 mil. The properties, located throughout Los Angeles, San Bernardino and Riverside Counties, brings UDC’s total self-storage holdings to more than 10,000 units. UDC will fold the 4,000-unit Empire Self Storage portfolio into the operation of its 10 existing self-storage properties with 6,000 units and consolidate all 18 locations under the new Storage Solutions brand by the end of the year. UDC’s 1.8 msf real estate portfolio includes retail, warehouse, medical office, and self-storage properties located throughout the Greater Los Angeles/San Bernardino region. Commenting on the acquisition, Michael Barker, UDC Chairman and Managing Director of Barker Pacific Group, said “We are delighted to have found this opportunity to add to UDC’s existing real estate portfolio and bring all of our self-storage properties under the new Storage Solutions brand name.”When we acquired UDC last December we wanted to build on the economies of scale our internal management operations provide and grow the asset base as the right opportunities became available”, Barker continued. “The Empire Self Storage portfolio fit our target acquisition profile and the price was attractive.”The properties were sold by Ontario-based Empire Commercial, a division of Empire Companies, which was repped in the transaction by Robert Benner of Tustin-based Self Storage Brokerage Inc. Christopher Rising of Los Angeles-based The Rising Real Estate Group represented UDC in the deal. Barker Pacific Group, founded more than 20 years ago, specializes in the development and acquisition of institutional quality office, retail, and residential projects in select U.S. cities. The company has completed or has under development or redevelopment in excess of $1.5 bil in commercial projects including the award winning Hamilton Landing, a 550k sf Class-A office conversion project on Hamilton Air Force Base in Marin County. Union Development Company has more than 1.8 msf of properties in its portfolio including retail shopping centers, apartment complexes, office buildings, industrial parks, self-storage facilities and R.V. and boat storage. The company is based in Cerritos, and co-owned in a joint venture by BPG and New York-based Angelo, Gordon & Co, a leading investment management firm specializing in non-traditional assets.

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