The properties comprise 500,000 square feet together
September 22, 2019: The Los Angeles based Valet-storage operator Clutter has acquired a four-property self-storage portfolio from The Storage Fox for $152 million. The properties are located at Brooklyn, Long Island City, White Plains and Yonkers, N.Y. Together, it comprises 500,000 square feet. The Clutter’s entry into the traditional self-storage space brings its portfolio of leased and owned space to more than 2 million square feet. The company is expecting the acquisitions to be fully operational under the Clutter brand name by November.
To date, Clutter has raised more than $300 million in equity capital since launching in 2015. The company’s valet-storage service is available in more than 1,000 U.S. cities.
“In the spirit of saying ‘yes’ more, we are proud to offer self-storage services to customers who need local access and want to know their belongings are close at hand. This hybrid strategy of self-storage and on-demand storage has been our vision from the beginning. It represents an exciting milestone in our long-term strategic plan to create a platform for people to manage their belongings.” Said by Ari Mir, co-founder and CEO of Clutter.
“Clutter will continue to expand its pickup and delivery services into new markets, while remaining open to additional acquisitions, Mir Said “There are over 52,000 self-storage facilities in the U.S. alone. If you take all that and add it up, there are more square feet in those storage spaces than there are in McDonald’s and Starbucks in the U.S. combined. At the same time, inside of cities, we’re running out of space. So, our vision is to apply all the technology that we’ve built in-house to increase the value that these self-storage facilities provide across society.” Mir Said.
Barclays Investment Bank was the Clutter’s sole financial advisor in the deal.
Clutter founded in 2013, offers by-the-bin storage targeted at urban residents who don’t have adequate home storage. The company uses an online platform that allows customers to schedule free item pickup, maintain an image catalog of stored bins and bulky items, and schedule delivery of items to their home.