Self Storage Group II LLC, a subsidiary of investment-management company Global Income Fund, has purchased a Metro Self Storage facility in Rochester, N.Y. The property comprises 50,010 square feet and 454 units, but offers expansion possibilities on the 8.4-acre lot. Financial terms were not disclosed.
The facility opened in 2011 and is adjacent to the WestGates shopping center.
Global Income Fund has indicated it will continue to seek self-storage investment opportunities. In February, shareholders approved a proposal to change the company's business from an investment-management company to an operating entity that will own, operate, manage, acquire, develop and redevelop self-storage facilities. The proposal has not yet been fully implemented.
The company is a non-diversified, closed-end investment-management firm whose common stock is traded over the counter under the ticker symbol "GIFD." The primary investment objective of the company has been to provide a high level of income, with capital appreciation as a secondary objective.
Metro Self Storage is the brand name of Metro Storage LLC, which operates 100 locations in 13 states.