Irvine, Calif.-based Passco Companies Development has formed a joint venture with an existing company to enter the self-storage market. The new enterprise, Patriot Self-Storage Management, expects to develop up to $90 million in facilities nationwide.
Patriot will initially invest $70 million to $90 million to build 25 or more self-storage properties in secondary and tertiary markets in Albama, Arizona, Florida, Georgia, Minnesota, North Carolina, South Carolina and Texas, among other states. The joint venture is gearing up for two land acquistions and subsequent development projects in Florida.
The company's president and CEO, Hal Perdew, heads JV partner Perdew Development. He was previously regional vice president for Public Storage Pickup and Delivery, a subsidiary of Glendale, Calif.-based Public Storage, the world's largest self-storage real estate investment trust.