Commercial real estate firm Wentworth Property Co. LLC has acquired two industrial properties in Chula Vista, Calif., and San Diego, for $27.8 million with the intent to convert them to self storage. The facilities are expected to open next year, according to the source.
The property at 12340 World Trade Drive in San Diego’s Carmel Mountain Ranch was purchased for $14.5 million. It includes an 81,980-square-foot building. The second site at 2391 Fenton St. in Chula Vista’s Eastlake neighborhood, acquired for $13.3 million, consists of a 90,000-square-foot building. Both structures will be converted to climate-controlled self-storage with approximately 100,000 net rentable square feet.
Wentworth Property has closed on more than $140 million worth of self storage projects in the last year, the source reported. It also has 1 million square feet under evaluation or contract.
Based in Phoenix, Wentworth Property has developed more than 7 million square feet of commercial office and industrial space. Its portfolio includes build-to-suit, conversions and ground-up developments.