Rosewood Property Co. (RPC), a Dallas-based real estate firm, has acquired two self-storage facilities in Puyallup and Tacoma, Wash. The purchase includes Safeland Storage – Canyon Road at 13015 Canyon Road E. in Puyallup and Safeland Storage – Pacific at 8625 Pacific Ave. in Tacoma. Combined, the properties comprise 133,000 square feet of storage space in 1,026 units, 45 percent of which are climate-controlled, according to an RPC press release.
RPC plans to invest in increased security as well as upgrades to each site’s appearance. Like other RPC properties, the facilities will managed by Extra Space Storage Inc., a self-storage real estate investment trust.
"The Tacoma and Puyallup facilities add two important projects to our expanding presence in the self-storage sector,” said RPC President Bill Flaherty. “The facilities, which were locally owned and managed, are well-located and performing exceptionally well. We had a stated goal of growing Rosewood’s presence in the Pacific Northwest and expect to have additional announcements shortly in that regard.”
The seller was represented in the transaction by Hugh R. Horne of Los Angeles-based Charmel Storage Capital. RPC was represented internally.
RPC is a subsidiary of The Rosewood Corp., a private investment concern owned by the Caroline Hunt Trust Estate. Its portfolio includes 29 storage facilities in eight states totaling more than 2 million square feet. The company is building seven multi-story storage projects in Dallas, Denver, Houston and San Antonio, totaling approximately 650,000 square feet. It’s also actively seeking acquisitions of existing properties.
Headquartered in Salt Lake City, Extra Space owns or operates 1,412 self-storage properties in 37 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 945,000 units and 106 million square feet of rentable space.