The property will be managed by self-storage real estate investment trust Extra Space Storage Inc.
May 31, 2017: Rosewood Property Co. (RPC), a Dallas-based real estate firm that owns self-storage facilities, has acquired StorAmerica Storage & Wine Cellar in Carmel, Ind.
The self storage facility will have 89,841 rentable square feet of storage space in 846 units, of which 63 percent are climate-controlled. It features a temperature-controlled wine cellar as well as a conference center.
"This facility adds an important project to our expanding presence in the self-storage sector,” said Bill Flaherty, president. “The facility, which was recently expanded, was locally owned and managed, is well-located and is performing well. We continue to focus on additional acquisitions in multiple markets that would be a strategic fit within our portfolio.”
The acquisition is RPC’s second in the Indianapolis market. The firm purchased Brooks School Self Storage in Fishers, Ind., a suburb of Indianapolis, last year. Built in 2013, the property expanded in 2015 and comprises 70,200 square feet of storage space.
The seller was represented in the transaction by Matthew E. Duda, vice president of MJ Partners Real Estate Services. RPC was represented internally.
RPC is a subsidiary of The Rosewood Corp., a private investment concern owned by the Caroline Hunt Trust Estate. Its portfolio includes 35 storage facilities in 11 states totaling more than 2.5 million square feet.
Based in Salt Lake City, Extra Space owns or operates 1,427 self-storage properties in 38 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 960,000 units and 107 million square feet of rentable space.
Based in Chicago, MJ Partners is a full-service real estate brokerage and investment banking company specializing in commercial real estate, mortgage banking and consulting services.