The Amsdell family of companies has acquired five self-storage properties in the Cincinnati area for $13.2 million. The new facilities will be operated by Compass Self Storage LLC, giving the brand a foray into the Cincinnati market. The properties amass 308,635 in net rentable square feet and are located at the following addresses:
- 3951 Nine Mile Road, Cincinnati
- 4700 Wilmer Court, Cincinnati
- 9343 Princeton Glendale Road, Hamilton, Ohio
- 10000 Sam Neace Drive, Florence, Ky.
- 2020 Northside Drive, Hebron, Ky.
"We are thrilled to expand our service to the greater Cincinnati market," said Todd Amsdell, president. "We plan to continue to expand our footprint to additional markets and look forward furthering the growth of the Compass brand."
Brett Hatcher, a senior associate in the Columbus, Ohio, office of Marcus & Millichap Real Estate Investment Services, and Matt Amos, an associate in Cincinnati, represented the Cincinnati-based seller.
With the acquisition of this portfolio, the new owner has taken advantage of an opportunity to capture favorable efficiencies in the Cincinnati-area marketplace, Hatcher said. The properties are located predominately in infill areas, and the surrounding market features favorable density and demographics with a solid mix of residential and commercial development.
Headquartered in Cleveland, the Amsdell Cos. draw its roots from the family-owned construction company founded in 1928. The company, which owns and operates self-storage properties in Florida, Kentucky, Michigan, Ohio and Pennsylvania, has since been active in several billions of dollars worth of real estate ventures with a primary focus in self-storage.