Property-management firm Absolute Storage Management (ASM) and its affiliate, Little Rock Self Storage LLC, have purchased two facilities in Little Rock, Ark., in separate transactions. The companies acquired Cubby Hole USA for $2.35 million and U-Store-It Storage Solutions for $1.7 million. The facilities have been rebranded as Little Rock Self Storage and will be managed by ASM.
The former Cubby Hole facility at 8015 Geyer Springs Road, just off Interstate 30, encompasses 57,698 square feet of storage space. Amenities include climate control, video cameras, and the sale of moving and packing supplies. The seller, Cubby Hole USA 2 Ltd. of Hallsville, Texas, operates five facilities in Louisiana and Texas. Cubby Hole purchased the former Harvest Foods property for $750,000 more than 10 years ago from the Arkansas Teacher Retirement System, according to “Arkansas Business.”
The acquisition by ASM was financed with a $1.88 million, five-year loan from Centennial Bank. The 4.88-acre property was previously tied to a 2004 $1.9 million mortgage held by IBERIABANK Corp. of Lafayette, La., according to the source.
Built in 1988, the former U-Store-It facility at 6100 Leon Circle includes 55,565 square feet of storage space in 562 units as well as outside-vehicle parking on approximately 3 acres of land, according to real estate website Loopnet.com. The facility is off Interstate 30 near University Avenue on the southwest side of the city. The seller was Wood Stone Little Rock LLC, a limited-liability company based in Mount Kisco, N.Y. This property was already under management at ASM, according to company officials.
Little Rock Self Storage is headquartered in Cordova, Tenn.
Founded in 2002, ASM owns and manages self-storage facilities throughout the Southeast, operating more than 75 properties in 13 states. The company is actively seeking to add additional properties to its portfolio through traditional third-party management relationships and joint-venture/acquisition opportunities. Headquartered in Memphis, Tenn., it has regional offices in Atlanta; Charlotte, N.C.; and Jackson, Miss.
- Absolute Storage Management: Website
- Arkansas Business: Storage Acquisition
- Arkansas Business: Storage Properties Lead List of Six Recent Seven-Digit Deals
- : Loopnet