The Sterling Group, an Indiana-based real estate company specializing in self-storage and multi-family properties, has acquired six storage facilities in the state for $15 million. The properties are in Elkhart, Evansville and Fort Wayne. Sterling will operate the assets under its self-storage brand, Mini Storage Depot.
The properties comprise more than 364,000 square feet of storage space in 2,800 units. "These assets provide a tremendous value-added opportunity and an ability to capitalize on the continued economic growth of Indiana,” said Larry Swank, CEO. “As we evaluate new investment opportunities, we continue to monitor local market conditions that indicate growth in this sector of the business. We are excited to expand the Mini Storage Depot brand in Indiana and look forward to serving its citizens with quality self-storage solutions.”
Sterling has been active in self-storage since it launched Mini Storage Depot in 1986. The company’s storage portfolio includes 18 properties comprising more than 1.1 million square feet throughout Indiana, Michigan and Ohio. Sterling’s complete property portfolio is in 16 states throughout the Midwest and Southeast. The company also operates Sterling Management Ltd., which provides property- and fee-management services to self-storage facilities and multi-family properties across the United States.