QuadReal, Store Space Form $1B Self-Storage Investment Partnership

Global real estate company QuadReal Property Group and Store Space Self Storage, which operates more than 100 facilities in 20 states, have partnered to amass a $1 billion portfolio of self-storage assets nationwide. The companies will target markets with “strong demographic and migration trends,” according to a press release.

The partnership was seeded with the $200 million acquisition of a 13-property portfolio across seven states. A mix of stabilized and recently developed properties, the purchase comprises 1.1 million square feet in more than 9,000 units. The companies also recently purchased a New Jersey property in an off-market transaction, the release stated.

“The self-storage sector offers steady growth,” said Jameson Weber, QuadReal’s managing director of international real estate for the Americas. “Further, it has shown resiliency and demonstrates consistent fundamental and demographic tailwinds that align closely with QuadReal’s core investment convictions.”

Under the partnership, QuadReal will commit the majority of capital used for investments, while Store Space will leverage its operational platform and industry acquisition and development experience, according to the release.

“We’re very enthusiastic to enter this partnership with QuadReal, with the shared goal of building a large, high-quality portfolio in this recession-resistant sector,” said Chris Harris, CEO of Store Space. “This also represents a significant milestone for us, as we’ve found an alliance that will help us grow our brand and bring our best-in-class platform to new markets at a rapid pace.”

Based in Vancouver, British Columbia, Canada, QuadReal specializes in real estate development, investment and operations. The company has $67.1 billion in assets under management. It invests directly though partnerships and operating companies in which it holds an ownership interest, the release stated

Founded in 2018 and based in Winter Garden, Florida, Store Space operates an owned and managed portfolio comprising more than 26 million rentable square feet of self-storage.

Source: PR Newswire, QuadReal and Store Space Announce $1 Billion Self-Storage Investment Partnership