Iron Gate Self-Storage Portfolio Changed Hands
- Jun 23, 2017
Thompson Street Capital Partners in partnership with Cequel III, both St. Louis-based companies, purchased the 1,466-unit Iron Gate self-storage portfolio. The six buildings totaling nearly 290,000 square feet are now part of the StayLock brand. Marcus & Millichap brokered the deal, the biggest in Elkhart County, Ind., for this asset type.
The facilities occupy a total of 37 acres and are all located within a 13-mile radius from the main office on County Road 113 in Elkhart. The properties are:
- County Road 113 Self Storage, 420 units, Elkhart.
- County Road 9 Self Storage, 340 units, Elkhart.
- Johnson Street Self Storage, 274 units, Elkhart.
- Middleton Run Road Self Storage, 173 units, Elkhart.
- Bloomingdale Drive Self Storage, 118 units, Bristol, Ind.
- State Road 13 Self Storage, 141 units, Middlebury, Ind.
Recently renovated facilities
At the time of the sale, the portfolio was 70 percent physically occupied and 67 percent economically occupied. Two of the properties were expanded in late 2016 and three other facilities offer possibility of expansion. The assets have undergone a $1.1 million renovation.
Sean Delaney, first vice president of investments at Marcus & Millichap, and Michael Mele, senior managing director of The Mele Group—Marcus & Millichap’s self-storage advisory team—represented the seller, a private investor, and procured the buyer.
Image via Google Street View