A 1031-exchange investor group sponsored by Plato Foufas & Co. LLC has acquired Space Savers Self Storage in Saraland, Ala., a suburb of Mobile. It’s the first self-storage acquisition for the Chicago-based company, according to a press release from Devon Self Storage, which will manage the property. Plato Foufas intends to purchase additional self-storage facilities nationwide in the next 18 months, the release stated.
Located near Highway 158 at 700 Industrial Parkway, the three-story, climate-controlled building comprises 54,881 rentable square feet in 475 units and includes sprinklers. It also has 20 drive-up units as well as outdoor vehicle parking. The property was 84 percent occupied at the time of acquisition, according to the release.
The lender was Citigroup Global Marketing Realty Corp., and first mortgage financing was provided by Luke Erlandson and Matt Ewig of Berkadia Commercial Mortgage LLC.
The seller was represented in the transaction by Bill Barnhill, Shannon Barnes and Stuart P. LaGroue Sr. of Omega Properties Inc. in Mobile, Ala. The trio are the broker affiliates for the Argus Self Storage Sales Network in Alabama, Louisiana and Mississippi. Argus is a Denver-based network of real estate brokers who specialize in storage properties.
Based in Emeryville, Calif., Devon Self Storage owns or manages 50 facilities nationwide. The company’s portfolio comprises more than 3.9 million square feet in 18 states and serves more than 21,700 tenants.