The company purchased Crossroads Storage and American Roughrider Storage in Fargo for $2.2 million as well as Legacy Storage Solutions in Bismarck for $5.6 million
March 28, 2017: Five Star Development LLC, announces the acquisition of an additional three self-storage facilities in North Dakota.
“We are extremely excited to have these three locations added to our portfolio, especially the addition of Legacy Storage Solutions in Bismarck, which helps to continue opening our operations across Interstate 94,” said Ben Hendricks, vice president of Five Star Storage.
According to a press release, the properties add over 167,000 rentable square footage of storage space to Five Star’s portfolio.
The Fargo properties had been managed by Five Star for seven years prior to the acquisition. Together, they have 52,440 rentable square feet of storage space. The owners of one site exchanged their property for ownership units in the company, the release stated. The second owner chose a traditional sale.
The acquisition of 3320 Hamilton St., which opened less than two years ago, allowed Five Star to enter a new market. It’s now the largest property in the operator’s portfolio, comprising 114,600 rentable square feet of storage space, according to the release. The facility was owned by a North Dakota-based real estate investment trust that specialized in senior- and retirement-community housing.
Including the acquisitions, Five Star now operates nine self-storage properties in Bismarck, Dickinson, Fargo, Grand Forks and West Fargo, N.D., as well as two in Rogers and St. Michael, Minn. The North Dakota sites are operated from the company’s newly renovated flagship facility in Fargo.