With the acquisition of two facilities in Fenton, MI, the portfolio of self-storage startup Citizen Storage has gotten off the ground.
The purchase by Royal Oak, MI-based Citizen Storage represents 86,000 square feet, along with 100 RV, boat and vehicle parking spaces. The two facilities will be rebranded as Citizen Storage Fenton North and Citizen Storage Fenton South.
Peter Spickenagel, president and CEO of Citizen Storage, says his company will upgrade the Fenton facilities, beef up staff training and improve technology.
“These properties fit perfectly into our value-add acquisition model and long-term growth initiatives,” Spickenagel says.
Spickenagel says Citizen Storage is seeking third-party management and value-add acquisition opportunities. The company also provides self-storage consulting services.
Spickenagel most recently oversaw ground-up and conversion projects in self-storage for Farmer Development Inc., a general contractor based in Stockbridge, MI. He also is former vice president of operations at Farmington Hills, MI-based Storage Pros Management, a self-storage operator with 80 facilities in the U.S. covering more than 4 million square feet.
Compass Self Storage, part of the Cleveland, OH-based Amsdell group of companies, recently made its 10th acquisition of 2017 with the purchase of a self-storage facility at 6605 Burlington Road in Whitsett, NC.
The facility, with more than 70,000 net rentable square feet, features drive-up and climate-controlled units. An expansion of the facility will add a two-story building comprising 49,000 square feet of climate-controlled space. The expansion project is scheduled to get underway in January.
Upgrades to the property also are planned, such as installation of security and surveillance systems and a digital system for access control.
NSA Property Holdings LLC purchased the Extra Space Storage-managed property at 21268 Willows Rd in Lexington Park, MD. The facility is now operated by iStorage. Ryan Clark of Skyview Advisors represented the seller of the 74,101-square-foot facility, Willows Road Business Park LLC.
Dale Eisenman of Midcoast Properties recently brokered the sale of Extra Attic Self Storage at 1074 Clements Ferry Road in Wando, SC. The 84,200 rentable-square-foot facility was sold for more than $100 per rentable square foot, according to Eisenman.