City Line has a portfolio spanning 22 states
February 4, 2021: City Line Capital LLC., intends to acquire up to 50 properties this year in deals expected to value more than $300 million. City Line is a real estate investment firm specializing in self-storage. The company has closed transactions in primary and tertiary markets, it focuses primarily on mid-sized, secondary opportunities, with most of its 134 properties acquired from small and regional operators. The company also would like to get into Indiana, New Jersey and Ohio, where the company don’t have presence. CEO Rick Schontz told the source.
“We’re looking at 800 to 1,000 properties to buy a year. We’re not an in-and-out fund. It’s a long-term play for us. We’ll occasionally sell, but we’re more long-term [holders] in general.” Schontz said.
City Line aggressively building its portfolio since its launched in 2017. The company has acquired 26 facilities last year, including eight in Florida, Louisiana, Pennsylvania and West Virginia in December. Its new 50-property acquisition plan would increase its footprint to more than 10 million square feet and match the number of deals it closed in 2019, according to the source.
City Line Capital LLC., based in Philadelphia, has a portfolio spanning 22 states. Many of its facilities operate under the Storage Sense brand name. The company outsources all facility management. The company has a total portfolio comprising 7.7 million net rentable square feet in 56,000 units.