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Elite Stor Capital Partners/Storage Rentals of America Acquires 7 Self-Storage Facilities in FL, KY, SC

Elite Stor Capital Partners LLC (ESCP), an equity investor focused on the self-storage industry, has purchased seven facilities in Florida, Kentucky and South Carolina that it will rebrand as Storage Rentals of America. The transaction, which marks the company’s entry to the South Carolina market, involved six sellers and adds nearly 500,000 square feet of storage space to the its portfolio.

January 12, 2016

1 Min Read
Elite Stor Capital Partners/Storage Rentals of America Acquires 7 Self-Storage Facilities in FL, KY, SC

Elite Stor Capital Partners LLC (ESCP), an equity investor focused on the self-storage industry, has purchased seven facilities in Florida, Kentucky and South Carolina that it will rebrand as Storage Rentals of America. The transaction, which marks the company’s entry to the South Carolina market, involved six sellers and adds nearly 500,000 square feet of storage space to the its portfolio.

The acquisition was funded through $7 million in equity by ESCP partners and a $13 million debt piece provided by Cantor Commercial Real Estate, led by Sean Reimer, according to a company press release.

"We have been extremely fortunate to work with private sellers who appreciate the professionalism and guidance Elite offers in the underwriting, closing and operational takeover throughout the transaction," said Beau Raich, general counsel.

The storage operator plans to purchase more properties this year as well as build its first facility, the release stated. It recently hired a new head to its construction department—John Judd, who built more than 40 self-storage facilities with a previous employer, company officials said.

ESCP is a real estate investment company focused on the acquisition of self-storage properties as well as direct-equity investments with developers and operators.

Sources:

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