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Self-Storage Investment Firm Wasatch Buys Albany SuperStorage of New York for $5.9M

Wasatch Storage Partners (WSP), a Utah-based real estate investment firm specializing in self-storage acquisitions, development and property management, has acquired Albany SuperStorage in Albany, N.Y., for $5.9 million. The company purchased the property at 44 Broadway through its affiliate, WSP Albany LLC. It secured $3.72 million in financing from TCF National Bank in Minnesota.

Wasatch Storage Partners (WSP), a Utah-based real estate investment firm specializing in self-storage acquisitions, development and property management, has acquired Albany SuperStorage in Albany, N.Y., for $5.9 million. The company purchased the property at 44 Broadway through its affiliate, WSP Albany LLC. It secured $3.72 million in financing from TCF National Bank in Minnesota.

Real estate developers Gerry L. Gauer and Marc Paquin, operating as 44 Broadway Realty LLC, bought the 90,000-square-foot building from a home-cleaning product company for $150,000 in 2004. They invested more than $2 million to convert it to approximately 650 storage units in 2012, the source reported.

Based in American Fork, Utah, WSP has been involved in more than 250 self-storage assets and about $1 billion in storage acquisitions and development projects, according to its website. The company also offers self-storage consulting services.

Sources:

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