Alternative real assets investment manager Harrison Street has acquired a self-storage portfolio in the Southeastern US comprising 19 properties covering 1.4m sqft in an off-market deal valued at more than $200m (€182m).
The portfolio includes more than 12,000 self-storage units located in Georgia, Alabama, Florida, North Carolina and South Carolina.
Occupancy has averaged 90% over the past 12 months, according to Harrison Streets, while expansions were made at six locations to meet excess customer demand.
The facilities include a mix of climate-controlled and non-climate-controlled space, designed to offer a variety of price points depending on customer needs.
The properties will be managed by Harrison Street’s self-storage partner, Reliant Real Estate Management, under its Midgard Self Storage brand, a vertically integrated commercial self storage operator based in Georgia.
Harrison Street and Reliant have worked together since 2015, and own and operate 65 properties through a joint venture partnership.
Mike Gordon, global CIO at Harrison Street, said: “We are thrilled to expand our presence in key markets across the Southeast benefiting from strong population and income growth, heightened customer demand and favourable demographics.
“We look forward to furthering our partnership with Reliant and leveraging the synergies of our existing portfolio as we continue to identify attractive self-storage investments across North America.”
Todd M Allen, managing principal of Reliant, added: “We are excited to expand our partnership with Harrison Street as we continue to grow the Midgard Self Storage portfolio to deliver in-demand storage facilities across key markets.”
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