Valley Storage Co., which operates 15 self-storage facilities in Maryland, Ohio, Pennsylvania, Virginia and West Virginia, has purchased the two-property A-1 Store It All portfolio in Akron and North Canton, Ohio, for $7.3 million, or $44.25 per net rentable square foot. Situated on 10.7 acres of land collectively, the facilities offer a combined 165,200 net rentable square feet of storage space.
Built in 1978, the Akron facility at 1360 Home Ave. consists of 710 storage units in a range of sizes. The North Canton property at 4685 Hossler Drive N.W. was built in 1980 and includes 449 units, 22 of which are climate-controlled.
The buyer and the seller were represented in the transaction by Ryan Clark, senior vice president, and Jay J. Crotty, managing partner, of SkyView Advisors.
“The industry is receiving investment from a diverse and growing buyer pool, looking to acquire self-storage assets of all kinds. Many of the buyers that pursued the offering were based outside of Northeast Ohio,” Clark said.
Based in Hagerstown, Md., Valley Storage opened its first self-storage location in Williamsport, Md., in 1986. It currently owns more than 1 million square feet of storage space.
SkyView is a boutique firm specializing in self-storage acquisition, development, facility expansion and renovation, refinancing, and sales. Based in Tampa, Fla., the firm also has offices in Cleveland and Milwaukee.