Self-storage veterans Rob Consalvo and Chris Harris have launched Store Space Self Storage, amassing a seven-property portfolio in Florida, Indiana and Texas in five months. The former iStorage executives expect to close on four Philadelphia properties in the next 30 days and intend to expand the company footprint nationally through additional acquisitions and development projects, according to a press release.

Together, Consalvo and Harris have 25 years of industry experience, managing more than 150 locations nationwide. The entrepreneurs have assembled a leadership team comprised of former iStorage employees and other industry veterans. They include Stephen Sandecki as chief marketing officer and Eric Schmiedel as director of software development. Sandecki has more than 15 years of industry experience, including stints with self-storage real estate investment trusts Life Storage Inc. and National Storage Affiliates Trust (NSAT), which acquired iStorage in 2016. Schmiedel has more than 10 years of experience in software development. He recently served as lead full-stack software engineer for NSAT.

“Self-storage valuations have run off the charts in recent years, and we exited the iStorage portfolio at what we believe was the top of the market,” Harris said. “Now is the time to re-establish the team and platform so that we are ready for hyper-growth when the right opportunities present themselves."

"Store Space is our 'Round Two,' and with a lot of the same team members we've worked with previously, our goal is to build the most sophisticated, privately owned operating platform in the industry," added Consalvo.

In addition to acquisitions and development activity, Store Space will seek growth through a third-party management platform and offer joint-venture opportunities through a tax-deferred exchange, the release stated.

Source:
PR Newswire, Veteran Self-Storage Executives Launch Store Space Self Storage