JV Sells 27-Property Self-Storage Portfolio
- Nov 07, 2017
A joint venture between funds managed by Westport Capital Partners and Store Here Management has disposed of a 27-property self-storage portfolio across Colorado, Georgia, Indiana, Kansas, Louisiana and Texas. The portfolio totals 1.7 million square feet across 12,171 units.
Currently operating under the Store Here brand, the portfolio is 80.6 percent occupied and features amenities such as gate access, security cameras, climate-controlled or drive-up units, onsite management, as well as RV and surface parking. The properties are in eight MSA’s, including Colorado Springs, Colo.; Atlanta; Indianapolis; Kansas City, Kan.; Shreveport, La.; and Dallas, San Antonio and Austin, Texas.
The HFF self-storage team of Senior Directors Barbara Guffey and Tom Doyle, Senior Managing Directors John Merrill and Jason Nettles and Managing Directors Sean Fogarty and Jules Sherwood marketed the property on behalf of the seller.
“The quality of the assets, embedded upside, and most of all the economy of scale is what attracted numerous investors to the portfolio,” said Guffey, in prepared remarks. “The ability to acquire 1.7 million square feet in one transaction aligns with the buyer’s strategic growth plan, and provides an opportunity to implement and capitalize upon their operational platform.”
Image courtesy of HFF