Stein Investment Group (SIG), an Atlanta-based private real estate investment firm, has acquired two self-storage facilities in Cumming and Roswell, Ga., and plans to develop another in Marietta, Ga. The former Quality Storage facilities have been branded as The Space Shop Self Storage. The three investments will top roughly $75 million, according to the source.
The property at 2016 Atlanta Highway in Cumming contains 76,000 square feet of storage space to which SIG plans to add another 24,000 square feet of climate-controlled storage. The property at 1240 Alpharetta St. in Roswell contains 45,000 square feet of storage space and will be expanded by 55,000 square feet. The company is also developing a 70,000-square-foot facility with 525 units in Marietta.
SIG was represented in the acquisitions by Stacey Gorman, a director in the Atlanta office of Marcus & Millichap Real Estate Investment Services, which has more than 1,000 investment professionals in offices nationwide. The company closed more than 6,100 transactions last year.
SIG entered the self-storage market in 2013 with the development of three storage facilities in the Atlanta area. The properties, which offer coffee bars and free Wi-Fi, will soon be expanded. The company recently purchased 3 acres next to its property in Stockbridge, Ga., to add another 300 units.
"We believe that a supply and demand imbalance exists within specific Atlanta submarkets and, therefore, see significant opportunity to build a self-storage portfolio," SIG partner Adam Sauer told the source. "The conditions for self-storage development are prime, with Wall Street considering this asset type as recession-resistant based on its performance in 2008.”
SIG is actively seeking real estate acquisition opportunities in multi-family, office, residential, retail and self-storage throughout the Southeast.