Metro Storage LLC, which operates more than 90 self-storage facilities in 11 states, has acquired the four-store Metro Mini & RV Storage portfolio in the Minneapolis suburbs of Bloomington, Eden Prairie, Mound and Orono, Minn. The acquisition adds 208,000 rentable square feet of storage space, 1,500 units and 450 RV-parking spaces to the company’s existing Minnesota portfolio. Metro Storage has an existing facility in Maple Grove, Minn., and will open a storage-conversion project in Blaine in the first quarter of 2015.
“We’ve been in the Minneapolis market with our Maple Grove store for a few years now and welcome this opportunity to expand our presence,” said Matthew Nagel, chairman. “The addition of the Metro Mini stores as well as the Blaine facility fit well with our current business model and future growth plans.”
The facilities feature interior loading bays, climate control, exterior drive-up units, video cameras, keypad gate access and RV/boat-storage spaces. All four locations will offer Penske truck rentals. The acquisition includes:
- 6200 W. Old Shakopee Road in Bloomington, which has six single-story buildings with 391 units, 182 vehicle-parking spaces and a 40-watt solar-panel system.
- 6851 Flying Cloud Drive in Eden Prairie, which has three single-story buildings and one two-story building with 397 units and 50 post-office boxes.
- 5300 Shoreline Drive in Mound, which is part of a light-industrial complex that was the former home to toy manufacturer Tonka Toy Co. It consists of a single-story, 52,870-square-foot, climate-controlled building. An area north of the storage building offers 85 RV/boat-parking spaces.
- 2725 W. Wayzata Boulevard in Orono, which was converted to self-storage in 2012. It includes 313 units, 67 heated units, and 114 exterior spaces with electrical access for RV/boat parking.
“These stores round out our ability to better serve the storage needs of the surrounding community,” said CEO Blair Nagel. “With climate-controlled units, extensive boat and RV parking, and truck rentals, we’re positioned for continued success in the Minneapolis area.”
Headquartered in Lake Forest, Ill., Metro Storage is a privately owned, fully integrated real estate operating company specializing in the development, acquisition and management of self-storage facilities in the United States, where it operates as Metro Self Storage, and Brazil, where it operates as MetroFit.