Gallacher Development LLC has purchased Reservoir Avenue Self-Storage in Providence, R.I., in an off-market transaction. The property at 54 Narragansett Ave. sits on 2.9 acres and encompasses approximately 35,000 rentable square feet of storage space in more than 305 units.
The buyer plans to expand the property in two phases, with 15,000 square feet in the first phase and another 10,000 square feet in the second. Phase one is expected to open in April.
“This purchase is an exciting opportunity and a great addition to our expanding portfolio,” said Kelly Gallacher, co-founder of Gallacher Development.
Earlier this year, Gallacher Development acquired land to build a new facility and purchased an existing one. In March, the company purchased a 3.1-acre land parcel in a suburb of Indianapolis to build a new 68,000-square-foot storage facility. It also acquired North Tahoe Self Storage in Tahoe Vista, Calif., from a private investor in April.
Gallacher Development is based in Granite Bay, Calif. Kelly Gallacher has more than 20 years of experience in the acquisition, development, disposition, financing and management of self-storage properties. He’s also a managing partner in Storage Galleria, a group of self-storage veterans who partnered to create a better customer-service experience for storage tenants. Facility owners who sign up with the company receive periodic PDF fliers of specials and discounts that they can distribute among their customers. The offers are from national companies that provide various products and services tenants regularly use.