Kurt OBrien, president of Simply Self Storage, has acquired three facilities from 21st Century Storage for $21.3 million. With one asset in Baltimore and the other two in New Jersey, the portfolio comprises more than 226,000 square feet and 2,300 units. Simply Self Storage will manage all three properties, according to the source.
The seller was represented by Jones Lang LaSalle, a financial and professional services firm specializing in real estate services and investment management, including self-storage. Representatives included Doug McCarron, Steve Mellon and Pete Williams, managing directors with the companys national self-storage team. Also involved were Joseph Garibaldi, managing director, and James Molloy III, senior vice president.
This was a highly compelling, turnkey opportunity for Simply Self Storage to acquire an existing, quality self-storage portfolio with considerable remaining upside, McCarron said. All three facilities have generated consistent revenue growth over the past year and are situated at high-traffic locations with exceptional visibility.
The Baltimore facility at 5301 Park Heights Ave. was built in 2005 and is comprised of 60,505 square feet in 890 storage units, most of which are climate-controlled. The single-building property also has four uncovered vehicle-storage spaces.
The first New Jersey property is at 101 U.S. Route 9 in Marmora. Constructed in 2007, it is comprised of 51,975 square feet in 449 units. The four-building property includes 287 climate-controlled units and 11 uncovered vehicle-storage spaces.
The second New Jersey facility is at 555 N. Olden Ave. in Trenton. Originally built in the 1920s as an industrial facility, it was converted to self-storage in 2005. The single-building property is comprised of 111,115 square feet in 1,030 heated and air-cooled units and four uncovered vehicle-storage spaces.
All three properties include an onsite managers apartment, a management office, video-surveillance cameras and keypad access.
Founded in 2003 by O'Brien, Simply Self Storage is headquartered in Orlando, Fla. The company owns or manages 118 facilities in 16 states. Its portfolio comprises more than 9 million square feet and 73,000 storage units.
- National Real Estate Investor: Jones Lang LaSalle Sells 226,455-SF Self-Storage Portfolio for 21st Century Storage