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.
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.
- The Business Review: There's Gold in There: Partners Buying Up Self-Storage