Self Storage Group I LLC, a subsidiary of investment-management company Global Income Fund, has purchased Sadsbury Self Storage in Sadsburyville, Pa. The facility comprises 49,198 square feet and 480 units, but offers expansion possibilities on the 7.6-acre lot. Financial terms were not disclosed.
The facility opened in 2006 and is adjacent to the Chester County Airport.
Global Income Fund has indicated it will continue to seek self-storage investment opportunities. Last year, shareholders approved a proposal to change the company's business from an investment-management company to an operating entity that will own, operate, manage, acquire, develop and redevelop self-storage facilities. The proposal has not yet been fully implemented.
The company is a non-diversified, closed-end, investment-management firm whose common stock is traded over the counter under the ticker symbol "GIFD." The primary investment objective of the company has been to provide a high level of income, with capital appreciation as a secondary objective.