Storage Etc., which operates more than 20 self-storage facilities in California, Colorado and Utah, recently purchased a three-property portfolio from AMS Group LLC for $16.4 million. The American Mini Storage facilities in Diamond Bar and Rosemead, Calif., plus the AMS Mini Storage facility in North Pomona, Calif., consist of 155,005 rentable square feet of storage space, 1,424 units and 72 RV-parking spaces. The properties will be rebranded as Storage Etc.
The family-owned and -operated portfolio was approximately 80 percent occupied at the time of sale, according to Marc Boorstein, principal with MJ Partners Real Estate Services, which brokered the deal. “The single-story facilities allow for value-added improvements within densely populated, infill trade areas,” said Boorstein, who represented both buyer and seller in the transaction in conjunction with Fred Cordova of real estate firm Kennedy Wilson.
Based in Covina, Calif., AMS Group also operates Archive Management Solutions, which offers records storage in Covina, and has its own construction division.
Founded in 1999 and headquartered in Los Angeles, Storage Etc. is a real estate development, investment and management company focused on purchasing, constructing and operating self-storage and other real estate in the Southwest. The company has built or acquired more than $100 million in self-storage assets for investors, owners and its own portfolio.
Headquartered in Chicago, MJ Partners is a full-service real estate brokerage and investment banking company specializing in commercial real estate, mortgage banking and consulting services. The company's clients include major financial institutions, private equity funds, REITs, opportunity funds, insurance companies, pension-fund advisors, corporations, private developers and entrepreneurial businesses.