Metro Storage LLC, which operates more than 120 self-storage locations in 12 states, has purchased a two-property portfolio in Montgomery, Ala., for $21.7. Though the facilities were branded and managed by self-storage real estate investment trust Extra Space Storage, they were owned and sold by SmartStop Asset Management LLC, a diversified real estate company. The properties at 6855 Vaughn Road and 310 Ray Thorington Road comprise 158,238 square feet of rentable storage space in 1,555 climate-controlled units.
SmartStop was represented in the transaction by Bill Barnhill and Stuart P. LaGroue Sr. of Omega Properties Inc., who are Arizona broker affiliates for the Argus Self Storage Sales Network. The Denver-based group of industry-specific real estate specialists, founded in 1994, includes 36 affiliates covering nearly 40 markets.
Headquartered in Lake Forest, Ill., Metro Storage operates the Metro Self Storage brand. The privately owned, fully integrated real estate specializes in the acquisition, development and management of self-storage facilities nationwide. Its facilities comprise more than 8.1 million square feet of storage space.
SmartStop manages 104 self-storage facilities in Canada and the United States. It has approximately $1 billion of real estate under management, and its self-storage portfolio comprises about 7.7 million rentable square feet. It’s also the sponsor of Strategic Storage Growth Trust Inc., Strategic Storage Trust II Inc. and Strategic Storage Trust IV Inc., all public non-traded REITs focused on self-storage assets.