Suburban Capital, a privately-held real estate company headquartered in Virginia Beach, Virginia,announced it sold it's Happy Boxes Self Storage portfolio for $75 million.
The transaction represents a strategic decision by the owners of Suburban Capital, J. Christopher Perry, Timothy J. Stiffler, and Marcus B. Lewis, to focus on the growth of the company’s hospitality business.
The portfolio included 12 self storage properties and 7,000 total rental units.Public Storage, the world’s largest owner, operator, and developer of self storage facilities, purchased a majority of the portfolio. The remaining properties were purchased by an undisclosed buyer.
Suburban Capital has multiple new hotel projects in the early stages of development and will continue to own and self-manage its commercial portfolio which encompasses over 25 properties located throughout the Southeastern United States.
The company was founded in 1999 with a focus on the owner-operator investment model. Suburban Capital owns and operates three million square feet of commercial real estate in six states throughout the Southeast. Suburban Capital's hotel development and management division enjoys strong relationships with top tier hotel franchise companies including Marriott International, Hyatt Hotels, Hilton Worldwide and Choice Hotels International.
