Private real estate firm Gateway Multifamily Group has acquired a mixed-use property in O’Fallon, Ill., that includes self-storage and retail. The Centre-Point Storage and Retail Center at 701-721 W. Highway 50 includes eight buildings comprising 43,000 square feet. It has nine retail spaces and 264 storage units. The self-storage component will be rebranded as Stuff Self Storage, while the retail portion of the property will be called Patriot Plaza, according to a press release.
The transaction is the first self-storage acquisition for Gateway, which specializes in multi-family properties. “The multi-family market, both nationwide and locally, is very competitive at the moment,” said Raj Tut, company principal. “I felt that diversifying into self-storage and retail with this acquisition was the perfect move for us, as it is a great fit for our value-add strategy."
O’Fallon is growing quickly and has several healthcare and military employers, the release stated. It’s a submarket of St. Louis, which is an area of high concentration for Gateway. Gateway has purchased five properties in the metropolitan area in the last four years.
Tut and Tut Properties, an affiliate of Gateway, will serve as property manager.
Gateway acquires, repositions, and manages multi-family assets in select markets across the American Midwest. It focuses on underperforming and underutilized properties that are too small for institutional capital, but too large for individual investors.