Home Specialty Store Space Expands its Footprint by Acquiring Six Self-Storage Properties

Store Space Expands its Footprint by Acquiring Six Self-Storage Properties

371
SHARE

Store Space’s aggressive nationwide expansion continues with the acquisition of six self-storage properties in Texas, Philadelphia, and Georgia. These recent acquisitions add an additional 464,000 square feet of rental space to their portfolio.

“I am extremely pleased with the progress we are making re-establishing our national footprint. We will continue our acquisition pace through 2019 and expect to more than double the size of our portfolio,” said Chris Harris, CEO of Store Space.

Store Space Grows in Philadelphia

With the addition of one self-storage facility in Philadelphia the company now has 4 properties in the MSA. This newest facility is located at 2001 W. Erie Ave and adds an additional 48,000 square feet and will total over 80,000 square feet after our expansion. “Our goal to cluster facilities in a market is evident by our latest acquisition in Philadelphia,” said Stephen Sandecki, CMO of Store Space. “Clustering facilities allows us to scale our digital marketing efforts and reduces our overall marketing costs.”

Store Space Expands its Texas Footprint

With the addition of three newly acquired self-storage facilities in Texas, Store Space has doubled its presence in the State. These newly acquired facilities are in Sugar Land, Humble, and Houston. These properties add a combined 278,000 square feet of rental space in Texas. “We remain bullish on Texas despite the negative press” said Chris Harris. “Texas was early to add new supply in this cycle, and the effects of overbuilding are already evident in most sub-markets. We would rather bet on a market that has already felt the effects of the development cycle than those that have an onslaught of new supply still coming.”

Store Space Enters the Columbus Georgia Market

With the recent purchase of two self-storage properties in Columbus, GA Store Space has officially entered the market. These newly acquired facilities are located at 313 Ford Drive and 6165 Veterans Parkway and have a combined total of 138,000 square feet of rental space. “This market had a surprisingly large REIT presence, and strong online demand anchored by Fort Benning,” said Rob Consalvo, COO and President of Store Space. “These properties are exceeding our expectations and we expect them to continue to outperform as we finish our renovation.”

Store Space is a self-storage operator and third-party management company. Located in Winter Garden, FL, the Company currently owns, has under purchase agreement, and operates 22 properties in 8 states.