Self-storage operator and third-party management firm Absolute Storage Management (ASM) has entered the Missouri market with the acquisition of Mr. B’s Storage in Imperial, Mo. Constructed in 2002, the facility was built on 6 acres at 6645 U.S. Highway 61/67 and comprises 50,600 square feet in 325 units, according to a press release. The facility is near Interstate 55 in the St. Louis metro area.
ASM paid $1.1 million for the asset, which was 60 percent occupied at the time of purchase, the release stated. It secured financing through Centennial Bank in Conway, Ark.
“We are excited to be entering the state of Missouri. This asset needs a fair amount of work, but it’s on a well-traveled street in a nice community,” said Michael Haugh, president of ASM. “We will rebrand the property and go to work cleaning it up.”
Larry Goldman, an affiliate broker with real estate firm Argus Self Storage Sales Network (ASSSN), represented the seller in the transaction.
Based in Denver, ASSSN is a national network of real estate brokers who specialize in self-storage. Its affiliates cover approximately 40 U.S. markets.
Founded in 2002, ASM owns and manages self-storage facilities throughout the Southeast, operating more than 89 properties in 13 states. Headquartered in Memphis, Tenn., it has regional offices in Atlanta; Charlotte, N.C.; Jackson, Miss.; and Nashville, Tenn.