Harrison Street, an investment-management firm focused on alternative real estate assets, acquired 26 Midgard Self Storage facilities in six states from Reliant Real Estate Management LLC. Together, the properties comprise nearly 2.7 million rentable square feet in 18,765 units, according to a press release.
The purchase includes nine facilities in Florida, eight in South Carolina, five in Tennessee, two in Georgia, and one each in Arkansas and North Carolina. They’ll continue to operate under the Midgard Self Storage brand and be managed by Reliant.
“We are excited to deepen our presence in the self-storage sector through the largest portfolio transaction in our firm’s history. Self-storage has been a core area of focus for Harrison Street’s investment strategy since inception, driven by demand related to life changes, with less correlation to economic events,” said Michael Gordon, chief investment officer for Harrison Street. “We are pleased to build on our partnership with Reliant, a top-tier operating partner, to capitalize on consolidation opportunities in markets backed by growing and affluent populations. We look forward to continuing to work with Reliant to leverage our strong self-storage sector expertise and identify attractive, demographic-driven self-storage investments.”
“The fragmented self-storage industry provides tremendous consolidation opportunities, particularly in secondary markets experiencing strong demographic growth,” said Todd Allen, managing principal for Reliant. “We are thrilled to continue our long-standing partnership with Harrison Street to acquire, operate and reposition these diverse self-storage assets.”
Founded in 2005 and headquartered in Chicago, Harrison Street has invested more than $2.3 billion in self-storage storage in 23 U.S. states and three Canadian provinces. With offices in London and Toronto, the firm has $39 billion in assets under management.
Established in 2010 and based in Roswell, Georgia, Reliant operates 59 facilities in eight states under the brands Clover Basin Self Storage, Englewood Storage Center, Midgard and Storesmart Self Storage.
Multi-Housing News, Harrison Street JV Buys 26 Self-Storage Properties