Business partners Bob Moser and Bob Morgan of Morgan Management LLC, a New York commercial real estate company, recently purchased three self-storage facilities in the state for $6 million and have plans to acquire more. The partners goal is to own 1 million square feet of self-storage in the Northeast by the end of the year. The acquisitions were previously owned by a partnership and branded Affordable Storage.
The partners, who already own two self-storage facilities in Queensbury, N.Y., purchased facilities in Malta, Saratoga Springs and Wilton, totaling 140,000 square feet. Theyre also in negotiations to purchase four more facilities in upstate New York. Â
Morgan Management owns more than 20,000 apartments in 11 states, RV parks in six states, retail and commercial office space, and mobile-home communities.
Sources:
- The Business Review: There's Gold in There: Partners Buying Up Self-Storage
