Liberty Investment Properties, based in Orlando, FL, raised more than $43 million in equity for its Liberty Storage Fund II to buy self-storage facilities in the Southeast region of the United States. The new fund has bought 10 self-storage assets to date and is working with the StoreEase Virtual Management platform to operate them remotely.
Franklin Street arranged the sale of a 104-unit self-storage facility totaling 12,600 NRSF at 1090 Walnut St. in Watseka, IL, about 60 miles east of Champaign. The sales price was not disclosed. Frank DeSalvo and David Perlleshi of Franklin represented the seller, Houston, TX-based Pebble Ridge Capital. The buyer is Just Simple Storage in Wisconsin. Source: REBusiness Online
U-Haul purchased a 91,096-square-foot self-storage facility at 2590 Hubbell Ave. in Des Moines, IA. Southwestern Property Corp. sold it for $5.7 million. CubeSmart formerly managed the 8.9-acre property, which was completed in 2022. The facility is one-story high and has 688 indoor climate-controlled units. Source: Multi-Housing News
Strategic Storage Growth Trust III, which is sponsored by an affiliate of SmartShop Self Storage REIT, based in Maryland, paid $15.7 million to purchase a 78,000-square-foot storage facility at 18301 N. Tamiami Trail in North Fort Myers, FL. It is the company’s 33rd Florida location and has 780 units. It was built as a single-tenant warehouse in 1955 and converted to storage in October. SmartShop Storage owns or manages 183 properties with a total of 127,600 units and 14.5 million rentable square feet spread across 22 states and Canada. Source: Business Observer