The properties will have 158,238 square feet of rentable storage space in 1,555 climate-controlled units
August 6, 2017: Based in Lake Forest, Ill., Metro Storage LLC, which manages over 120 self-storage locations in 12 states, has recently purchased a two-property portfolio in Montgomery, Ala. The properties have been acquired for $21.7.
Though the facilities were branded and managed by self-storage real estate investment trust Extra Space Storage, they were owned and sold by SmartStop Asset Management LLC, a diversified real estate company.
SmartStop was represented in the transaction by Bill Barnhill and Stuart P. LaGroue Sr. of Omega Properties Inc., who are Arizona broker affiliates for the Argus Self Storage Sales Network. The Denver-based group of industry-specific real estate specialists, founded in 1994, includes 36 affiliates covering nearly 40 markets.
SmartStop manages 104 self-storage facilities in Canada and the United States. It has approximately $1 billion of real estate under management, and its self-storage portfolio comprises about 7.7 million rentable square feet.