10 Feb Atlanta Self-Storage Developer Sells Swath Of Portfolio For $137M
An Atlanta self-storage operator has unloaded a portfolio of its facilities, including five in Georgia, for a nine-figure sum.
In two separate transactions, Space Shop Self Storage sold nine properties for a combined $137M to the publicly traded self-storage owner Extra Space Storage. The first deal consists of four Metro Atlanta properties in Downtown Atlanta, Buckhead, Chamblee and Cumming for a combined $82M.
In the other deal, Extra Space bought five properties from Space Shop for $55M, where all but one, located in Covington, are in the Carolinas.
“Today, private equity groups are catching on and seeking opportunities to put their capital behind [self-storage],” Jason Linscott, a partner at Stein Investment Group, the parent company of Space Shop, said in a press release.