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Plato Foufas & Co. announces the acquisition of Space Savers Self Storage
The self storage property is located in Saraland, AL

August 3, 2015: Space Savers Self Storage has recently been purchased by Plato Foufas & Co.

The self storage facility at Saraland, AL has 54,881 rentable square feet in 475 units. It also has 20 drive-up units and outdoor vehicle parking. 

According to a press release from Devon Self Storage, which will manage the property, it is the first self-storage acquisition for the Chicago-based company. 

According to the release, the property was 84 percent occupied at the time of acquisition.

The press release stated that, Plato Foufas plans to acquire additional self-storage facilities nationwide in the next 18 months. 

The lender was Citigroup Global Marketing Realty Corp., and first mortgage financing was provided by Luke Erlandson and Matt Ewig of Berkadia Commercial Mortgage LLC. 

The seller was represented in the transaction by Bill Barnhill, Shannon Barnes and Stuart P. LaGroue Sr. of Omega Properties Inc. in Mobile, Ala. 

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