The sites will be re-branded as US Storage Centers
March 29, 2018: Wasatch has sold its two conversion projects to Westport Properties Inc. (WPI), which operates more than 120 self-storage facilities under the US Storage Centers brand. It’s WPI’s first foray into the Minnesota self-storage market, according to a press release.
The White Bear Lake facility comprises 83,264 square feet of storage space in 922 units. The Lake Elmo location contains 69,038 square feet of storage in 790 units as well as 68,400 square feet of parking, the release stated. The properties were previously managed by CubeSmart, a self-storage real estate investment trust and management company.
“US Storage Centers was attracted to these two properties because of the asset quality and both locations being located in underserved self-storage submarkets with strong demographics,” said Charles Byerly, CEO and president of WPI.
WPI acquired the assets through a partnership with Harrison Street Real Estate Capital LLC, a real estate investment-management firm focused on the education, healthcare and self-storage sectors. Headquartered in Chicago with an office in London, the company has approximately $13.7 billion in assets under management.
Founded in 1985 and based in Irvine, Calif., WPI is a real estate investment company that acquires, develops and operates self-storage facilities as well as provides third-party management services. Its portfolio comprises 8 million rentable square feet in 15 states.