Public Storage Inc., a self-storage real estate investment trust, has acquired Summerville Self Storage in Summerville, S.C. The property at 11055 Dorchester Road is 23 miles northwest of Charleston, S.C. Built in 2007 and expanded last year, it comprises 53,859 net rentable square feet of storage space in 405 units.
The seller was a partnership between an Austin, Texas-based private company and Absolute Storage Management (ASM), which owns and operates 105 self-storage facilities in 15 states. The buyer and the seller were represented in the transaction by Bill Bellomy and Michael Johnson, brokers with Bellomy & Co., a commercial real estate firm with offices in Austin and Houston.
Last month, Public Storage purchased six Central Self Storage properties in the Minneapolis market. The locations total more than 360,000 square feet of storage space in 3,243 units.
Founded in 2002 and headquartered in Memphis, Tenn., ASM has regional offices in Atlanta; Charlotte, N.C.; Jackson, Miss.; and Nashville, Tenn.
Based in Glendale, Calif., Public Storage has interests in 2,615 self-storage facilities in 39 states, with approximately 171 million net rentable square feet. Operating under the Shurgard brand name, the company also has 223 facilities in seven European countries, with approximately 12 million net rentable square feet.