08 Apr 2019
Store Space continues its aggressive nationwide expansion 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."
-Chris Harris, CEO, Store Space
With the addition of one self storage facility in Philadelphia, the company now has four properties in the MSA. This newest facility adds an additional 48,000 square feet and will total over 80,000 square feet after its planned expansion.
"Our goal to cluster facilities in a market is evident by our latest acquisition in Philadelphia," says Stephen Sandecki, CMO of Store Space. "Clustering facilities allows us to scale our digital marketing efforts and reduces our overall marketing costs."
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," says 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."
With the recent purchase of two self storage properties in Columbus, Georgia, Store Space has officially entered the market. These newly acquired facilities 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, Florida, the company currently owns, has under purchase agreement, and operates 22 self storage properties in eight states.
