Pegasus Group, a real estate investment and management company that owns and operates approximately 60 self-storage facilities nationwide under the Central Self-Storage brand, has acquired two properties from Safe Place Storage in San Jose, Calif. The purchase doubles the company’s San Jose footprint to four locations.
One property is at 900 Lonus St., a downtown location near the Willow Glenn District. The self-storage facility is comprised of 91,092 net rentable square feet in 998 units. The second property is at 6880 Santa Teresa Blvd. in the Santa Teresa Park neighborhood. The facility is comprised of 57,409 net rentable square feet in 610 units.
Pegasus has been actively pursuing expansion opportunities, acquiring seven self-storage facilities in Minnesota and one in Portland, Ore., earlier this year. All eight properties were rebranded as Central Self-Storage.
The company also recently partnered with the Arizona State Retirement System (ASRS), a state agency with approximately $30 billion in assets. Pegasus officials have said the financial strength of ASRS will allow Pegasus to compete aggressively and close quickly on individual self-storage assets and portfolios throughout the United States.
Based in Walnut Creek, Calif., and founded in 1988, Pegasus specializes in self-storage investments. Its portfolio is primarily comprised of facilities operated and managed under the Central Self-Storage brand name.