Athena Real Estate LLC, a real estate investment and advisory firm, has purchased Pack Rat Self Storage in North Charleston, S.C., through a company affiliate. As the firm’s first storage acquisition in the state, the property will be rebranded as Out O’ Space Storage, which also has six Florida locations.
The property at 2170 Greenridge Road is a block from Rivers Avenue, a seven-lane highway, and near multi-family residential, colleges and businesses, according to a press release. It comprises 45,700 square feet of storage space in 400 climate-controlled and drive-up units as well as a retail store that sells moving and packing supplies.
“We are extremely excited and pleased with this acquisition, which is in a wonderful location. This property is a great addition to our growing portfolio of self-storage facilities,” said Richard J. O'Brien, CEO and founder. “Out O’ Space Storage, North Charleston, is the first of many acquisitions to come in Charleston and South Carolina, which should add to our growing Southeast portfolio.”
The buyer and the seller were represented in the transaction by Stacey Gorman, Michael MacManus and Lisa Loesel, investment specialists for The Gorman Group of Marcus & Millichap, the real estate firm that brokered the deal.
Founded in 2004 and based in Danbury, Conn., Athena Real Estate focuses on specialty collateral properties, including RV parks, manufactured-housing communities and self-storage. It currently operates 18 commercial properties, mainly in Florida.
Founded in 1971, Marcus & Millichap is a commercial property-investment firm with more than 1,700 investment professionals in offices throughout Canada and the United States. The firm closed nearly 9,000 transactions in 2016 with a value of approximately $42.3 billion.
The Gorman Group has agents in Georgia, North and South Carolina, and also holds licenses in Alabama, Florida, Tennessee and Virginia.