Storage Post Self Storage acquired a self-storage facility on Long Island, N.Y., the companys fourth purchase since late August, from a private operator. The facility at 88 Hazel St. in Glen Cove, N.Y., comprises 69,000 square feet including 824 climate-controlled storage units, motion-sensor lighting, packing supplies and elevated loading docks. Storage Post has plans for additional upgrades and improvements to this facility, which was last renovated in 2011.
"The self-storage industry is in a great place right now with increasing occupancy and strong demand, not to mention great investing opportunities, said Jack Giannola, Storage Post's director of acquisitions. Many storage companies are expanding and buying properties. We expect to add many more locations in 2014 to bring the Storage Post name to more regions and increase our market share."
The acquisitions team is pursuing single and portfolio transactions for self-storage real estate in dense submarkets, company representatives said in a press release.
Storage Post is headquartered in Atlanta and has more than 25 locations in Georgia, Louisiana, New Jersey and New York. Since 2012, the company has expanded its portfolio with more than 20 acquisitions and is expected to add more properties in the next year through acquisitions, ground-up development and select management contracts. It also launched a full-scale renovation plan for its New Jersey and New York self-storage facilities, with several stores already updated.
