Store Here LLC, a joint venture between property-management company Store Here Management LLC and affiliates of real estate investment firm Westport Capital Partners LLC, has purchased 13 self-storage facilities in Georgia, Kansas and Texas for $48 million. The acquisitions comprise more than 855,000 rentable square feet in more than 6,100 units.
“Working to close this many assets with multiple sellers can be tricky, but the tenacity of our team and financial partners brought peace of mind amidst a multitude of complications that ended with successful closings,” said James J. Hanrahan, acquisitions director for Store Here Self Storage, the operating brand of Store Here LLC.
Among the acquisitions was a six-property portfolio in Georgia that previously operated as Storage Village. Those properties were purchased by Danbury Road Holdings IV LLC, which does business as Store Here, according to a press release issued by Midcoast Properties Inc., the commercial real estate firm that brokered the deal.
The former Storage Village locations, spanning 39 acres of land, encompass 74 buildings representing 434,000 rentable square feet in more than 3,100 units. Four of the assets have room for expansion, according to the release. The facilities are:
- Storage Village Clayton, 53 Highway 138 S.E., Riverdale, Ga., which comprises 72,475 rentable square feet in 571 units
- Storage Village Fayetteville, 923 Highway 85S, Fayetteville, Ga., which comprises 70,725 rentable square feet in 474 units
- Storage Village Jackson, 1228 Brookwood Ave., Jackson, Ga., which comprises 57,350 rentable square feet in 428 units
- Storage Village Jonesboro, 8898 Tara Blvd, Jonesboro, Ga., which comprises 46,425 rentable square feet in 324 units and a warehouse
- Storage Village Griffin, 749 Carver Road, Griffin, Ga., which comprises 138,625 rentable square feet in 1,008 units
- Storage Village Griffin II, 2976 N. Expressway, Griffin, Ga., which comprises 49,260 rentable square feet in 372 units
Dale C. Eisenman, president of Midcoast Properties, represented the seller in the transaction. The commercial real estate company specializes in self-storage properties in Georgia, North Carolina and South Carolina.
Westport Capital Partners provides domestic and international investment opportunities to institutional and private clients. The firm invests in a wide variety of real estate assets through its various funds. It has offices in Los Angeles, London and Wilton, Conn.
Store Here Management is a division of RHW Capital Management Group. Its acquisition and analysis division focuses on the self-storage industry. The Store Here portfolio of 20 self-storage facilities comprises more than 1.4 million rentable square feet under management. RHW plans to expand the Store Here brand through property acquisitions and management contracts, company officials said in a press release.