Storage Express, which operates 94 self-storage facilities in five states, has purchased a dozen Storage General facilities across Central Illinois from the Plummer Family. The acquisition adds 370,000 square feet of storage space and more than 2,000 units to the company’s portfolio. It includes two new sites and 10 locations that have available land for expansion.
The sellers, who own more than 50 RP Lumber Co. building-materials stores in the state, decided to exit the storage industry and focus on their core business, according to a press release. Developed over the last decade, the storage facilities are adjacent to the family’s retail stores.
“With existing facilities in Illinois, this portfolio was a good fit for both us and for the Plummer Family,” said Jefferson Shreve, owner and president of Storage Express. “These facilities averaged 30,000 square feet, and are located on retail corridors in smaller markets. Those are bread-and-butter locations for us. And their build quality is consistent with the uniformity we seek in our portfolio.”
Storage Express plans to integrate the sites with the company’s technology and systems, which includes automation for remote management of all its properties, the release stated. Rentals are centralized out of the company’s headquarters in Bloomington, Ind.
The buyer and the seller were represented in the transaction by Brett Hatcher, vice president of investment, and Brian Kelly, associate, for Marcus & Millichap, a commercial real estate firm.
Founded in 1992, Storage Express operates self-storage in Illinois, Indiana, Kentucky, Ohio and Tennessee. It has offices in Bloomington, Indianapolis and Jeffersonville, Ind. The company has a half-dozen expansion and new build projects underway throughout Indiana, the release stated.