A joint-venture affiliate of self-storage developers Macritchie Storage LLC and Vertical Fields Capital LLC (VFC) has acquired a former warehouse in Rochester, N.Y., with plans to convert it to self-storage. The structure comprises 63,800 gross square feet. Once complete, the facility will be branded as Rochester Self Storage and managed by Storage Asset Management (SAM), according to a press release.
“Vertical Fields Capital is excited to add the 265 Hayward Ave. property to our portfolio,” said Frederick McCarthy, founder and managing member for VFC. “This acquisition allows us to reposition and improve an underutilized building, add self-storage capacity to meet the increasing demand in the city of Rochester and create additional jobs for its residents.”
The partnership targeted the Rochester market “because of its stable population, diverse economy and undersupply of self-storage [per capita],” the release stated.
SAM is a property-management and consulting firm specializing in self-storage. Founded in 2010 and based in York, Pa., it oversees more than 50 self-storage facilities as well as three UPS Stores in 18 states, primarily along the East Coast.
Macritchie is a self-storage developer based in Calgary, Alberta, Canada, though it has several U.S. projects underway, including conversions of a former soap factory in New Brunswick, N.J. and a former supermarket in Kenosha, Wis.
Based in Washington, D.C., VFC is a real estate development and investment firm focused on self-storage acquisition and repositioning opportunities in “dense and growing in-fill locations” in the top U.S. Metropolitan Statistical Areas, according to the release.