{"id":1004501881,"date":"2021-01-04T03:58:44","date_gmt":"2021-01-04T11:58:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004501881"},"modified":"2025-02-26T06:16:10","modified_gmt":"2025-02-26T14:16:10","slug":"insite-property-group-pays-47m-for-portland-storage-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/insite-property-group-pays-47m-for-portland-storage-portfolio\/","title":{"rendered":"InSite Property Group Pays $47M for Portland Storage Portfolio"},"content":{"rendered":"<div id=\"attachment_1004501884\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/SecureSpace-North-East-Portland.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004501884\" data-attachment-id=\"1004501884\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/insite-property-group-pays-47m-for-portland-storage-portfolio\/securespace-north-east-portland\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/SecureSpace-North-East-Portland.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"SecureSpace North East Portland\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;SecureSpace North East Portland. &lt;i&gt;Image courtesy of InSite Property Group&lt;\/i&gt;&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/SecureSpace-North-East-Portland.jpg?w=800\" class=\"wp-image-1004501884 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/SecureSpace-North-East-Portland.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/SecureSpace-North-East-Portland.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/SecureSpace-North-East-Portland.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/SecureSpace-North-East-Portland.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004501884\" class=\"wp-caption-text\">SecureSpace North East Portland. <i>Image courtesy of InSite Property Group<\/i><\/p><\/div>\n<p>InSite Property Group has finalized the acquisition of a two-property self storage portfolio encompassing 2,250 units in Portland, Ore. Leon Capital Group sold the newly built facilities for a total of $47 million, according to Multnomah County records. The purchase is the first closing of a larger portfolio deal between the two companies.<\/p>\n<p>The buyer secured a $200 million line of credit from Goldman Sachs to fund the current acquisition, as well as future transactions, according to a prepared statement from InSite Property Group Partner Keith Wetzel. The mortgage is set to mature in January 2023, public records show.<\/p>\n<p>Located on 2 acres at 16017 SE Division St., the three-story facility called SecureSpace Centennial spans 110,000 square feet and encompasses more than 1,000 climate-controlled units. In February 2019, Leon Capital Group funded the construction of the property with an $11.9 million loan from Comerica Bank, according to Yardi Matrix data.<\/p>\n<p>The second facility occupies nearly 3.5 acres at 3737 NE Columbia Blvd. The new owner will rename the three-story building SecureSpace North East Portland. The 140,000-square-foot property is fully climate-controlled and provides more than 1,250 units. In 2018, Zions Bank originated a $28.1 million development loan for the project, the same data provider shows. The site is&nbsp;less than 2 miles from Portland International Airport.<\/p>\n<p>In December, Insite Property Group <a href=\"https:\/\/www.commercialsearch.com\/news\/san-diego-storage-asset-trades-for-21m\/\">paid $20.5 million<\/a> for a 92,000-square-foot self storage facility in Spring Valley, Calif. Frontera Real Estate sold the 2019-built asset.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Goldman Sachs originated a $200 million line of credit for the company\u2019s current purchase and future acquisitions.<\/p>\n","protected":false},"author":867,"featured_media":1004501884,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21783,21742,28440,15],"tags":[33435,49642,39669],"class_list":["post-1004501881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-investment","category-latest","category-portland","category-west","tag-goldman-sachs","tag-insite-property-group","tag-leon-capital-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>InSite Property Group Pays $47M for Portland Storage Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/insite-property-group-pays-47m-for-portland-storage-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"InSite Property Group Pays $47M for Portland Storage Portfolio\" \/>\n<meta property=\"og:description\" content=\"Goldman Sachs originated a $200 million line of credit for the company\u2019s current purchase and future acquisitions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/insite-property-group-pays-47m-for-portland-storage-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-04T11:58:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-26T14:16:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/SecureSpace-North-East-Portland.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Pavel Cazacu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/insite-property-group-pays-47m-for-portland-storage-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/insite-property-group-pays-47m-for-portland-storage-portfolio\/\",\"name\":\"InSite Property Group Pays $47M for Portland Storage Portfolio - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/insite-property-group-pays-47m-for-portland-storage-portfolio\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/insite-property-group-pays-47m-for-portland-storage-portfolio\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/SecureSpace-North-East-Portland.jpg\",\"datePublished\":\"2021-01-04T11:58:44+00:00\",\"dateModified\":\"2025-02-26T14:16:10+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/caac04e9f88552f7c898ba456c2498d8\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/insite-property-group-pays-47m-for-portland-storage-portfolio\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/insite-property-group-pays-47m-for-portland-storage-portfolio\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/insite-property-group-pays-47m-for-portland-storage-portfolio\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/SecureSpace-North-East-Portland.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/01\/SecureSpace-North-East-Portland.jpg\",\"width\":800,\"height\":620,\"caption\":\"SecureSpace North East Portland. 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