Update: 6/17/15 – Metro Storage opened its conversion project this week, according to a press release. The new building consists of 58,000 rentable square feet of storage space and three newly constructed buildings that add another 21,000 rentable square feet. The facility has 647 storage units and includes gated entry and video cameras.
“In addition to the acquisition of established storage stores and ground-up development of new facilities, the conversion of buildings into self-storage facilities is a key part of Metro’s growth strategy,” said Matthew Nagel, chairman.
The company also has a self-storage conversion project underway in Northbrook, Ill., and recently purchased several properties in other markets. Earlier this month, it acquired Pond Road Self Storage in Oakdale, N.Y., on Long Island. Metro now operates three storage properties in New York and is developing a fourth in Brooklyn, N.Y.
7/1/15 – Metro Storage LLC, which operates more than 90 self-storage facilities in 11 states, has acquired a former liquor-distribution center in the Milwaukee suburb of Brown Deer, Wis., which it plans to convert to a Metro Self Storage facility. The new site will be the company’s first in the Milwaukee market.
“This is a great opportunity for us,” said Matthew Nagel, chairman. “We’re looking forward to entering the Milwaukee market with this outstanding store.”
Slated to open in the fourth quarter of this year, the property at 4059 W. Bradley Road will include 638 storage units. In addition to the existing building, three new structures will be built for a total of 107,458 gross square feet of storage. The existing building will consist of climate-controlled space, a drive-through for vehicles, and interior loading and unloading areas. The three new buildings will feature traditional drive-up, non-climate-controlled storage.
The Wisconsin property is the third development site acquisition for Metro Storage in three months. In June, the company acquired a former Dodge auto dealership in the Minneapolis suburb of Blaine, Minn. The 627-unit property will feature multiple stories and is slated to open in the first quarter of 2015. The company is also converting the former Sears Parts and Repair Center building in Bannockburn, Ill. The facility is expected to open later this year.
Green Bay, Wis.-based Associated Bank is providing a $5 million commercial loan for the project. The bank's commercial real estate division is based in Chicago.
Headquartered in Lake Forest, Ill., Metro Storage is a privately owned, fully integrated real estate operating company specializing in the development, acquisition and management of self-storage facilities nationwide.