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Merit Hill Capital Acquires 2 South Hall Self Storage Facilities in Alabama

Real estate firm Merit Hill Capital LP has acquired two South Hall Self Storage facilities in Birmingham and Irondale, Ala. The properties at 1945 Hoover Court and 2300 Crestwood Boulevard have a combined 191,309 square feet of rentable storage space in 1,465 climate-controlled and drive-up units, according to a press release. They both include outside parking, while the Hoover location also contains 10 office spaces comprising more than 5,000 square feet. They’ll be managed by self-storage real estate investment trust Extra Space Storage and branded under its name.

The seller was represented in the transaction by Bill Barnhill and Stuart P. LaGroue Sr. of Omega Properties Inc. The men are also broker affiliates in the Gulf Coast region for the Argus Self Storage Sales Network, a Denver-based network of real estate brokers who specialize in storage properties.

Earlier this month, Merit Hill acquired two Houston-area StorIt! self-storage facilities from The Jenkins Organization. Combined, the properties offer 1,088 storage units.

Based in Brooklyn, N.Y., Merit Hill acquires, develops and manages self-storage facilities nationwide. Last year, it launched a $300 million fund with private capital to pursue single-property and small-portfolio acquisitions in markets with at least 25,000 residents and demonstrating population growth.

Headquartered in Salt Lake City, Extra Space owns or operates 1,523 self-storage properties in 39 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 1.05 million units and 115 million square feet of rentable space.

Formed in 1994, Argus has 36 broker affiliates covering nearly 40 markets.

 

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