California Self-Storage Investor Expands in Providence
- Oct 21, 2015
In an off-market transaction, Gallacher Development L.L.C. has acquired Reservoir Avenue Self-Storage in Providence, R.I.
The 2.9-acre property is located at 54 Narragansett Ave. and offers approximately 35,000 rentable square feet of storage space in more than 305 units.
According to Inside Self-Storage, Gallacher is planning to expand the property in two phases. The initial expansion will add 15,000 square feet, while the second phase will bring another 10,000 square feet. Phase one is scheduled for completion in April 2016.
In another off-market transaction that closed earlier this year in March, Gallacher Development purchased a 3.1-acre parcel in a suburb of Indianapolis, where it plans to build 68,000 rentable square feet of storage including a two-story, 28,000-square-foot, climate-controlled building. Later in April, the company also expanded to Tahoe Vista, Calif., with the acquisition of North Tahoe Self Storage. Located near the northern end of Lake Tahoe, the property encompasses 17,785 rentable square feet of storage space in 205 units.
Based in Granite Bay, Calif., Gallacher Development is owned by Kelly Gallacher, who has more than 20 years of experience in the acquisition, development, disposition, financing and management of self-storage properties. He has been involved in more than 100 real estate projects in Europe and the United States, including self-storage, industrial, multi-family and office buildings. Gallacher also co-founded Devon Group and its affiliated companies, including Devon Self Storage, in 1988. From 2000 to 2003 he lived in Europe, where he oversaw the development and management of eight self-storage sites—three in France, two in Germany and three in The Netherlands.
Gallacher is also a managing partner in Storage Galleria, a group of self-storage veterans who partnered to create a better customer-service experience for storage tenants. Facility owners who sign up with the company receive periodic PDF fliers of specials and discounts that they can distribute among their customers. The offers are from national companies that provide various products and services tenants regularly use.
Image via Reservoir Avenue Self-Storage