Edgewood Capital of Southport, Conn., recently sold four Connecticut self-storage properties to Albany Road Real Estate Partners, a recently formed private real estate firm based in Boston, for $11.3 million. The facilities, located in Bloomfield, Simsbury (2) and Waterbury, comprise 187,463 rentable square feet in 1,186 units.
The sale was brokered by Patrick A. Lemp of Self-Storage Consultants, who represented both buyer and seller in the transaction.
Albany Road President Christopher Knisley, who has investment and management experience across multiple product types throughout New England, felt the Edgewood portfolio represented a unique opportunity to acquire a group of self-storage facilities with upside in this difficult-to-penetrate market, according to a press release. He plans to use the launch to become one of the dominant regional players in the New England self-storage market, he told the source.
J.R. Clisham, the managing member of Connecticut Self Storage LLC, which operates under the name CT Self Stor throughout the state of Connecticut, has been brought in to assist with the renovation and supervision of the properties. CT Self Stor is a multi-generational, local self-storage owner and third-party manager.
Clisham has extensive development and management experience, according to the source. He is on the board of directors of the national Self-Storage Association and is a past president of the Connecticut Self Storage Association.
Self-Storage Consultants provides brokerage and appraisal services and feasibility studies to the self-storage industry throughout New England.