Altlanta, GA-based Space Shop Self Storage has sold two self storage portfolios encompassing nine locations for $137 million to REIT Extra Space Storage.
“For investors, storage facilities are a historically stable investment and portfolio transactions are testament to the strength of this real estate product,” said Jason Linscott, partner, Stein Investment Group, parent company of Space Shop. “If you look back over the past 15 years, self storage assets have been the steadiest real estate asset class during recessions and have also performed exceptionally well in good times; it always has its place with consumers regardless of economic conditions.”
The first portfolio sold for $55 million and included five stores totaling 325,000 square feet with locations in Covington, GA, Charleston, SC (three stores) and Cary, NC.
The second portfolio traded for $82 million and included four stores totaling 300,250 square feet with locations in downtown Atlanta, Buckhead, Chamblee and Cumming.
