Dallas, TX-based Rosewood Property Co. recently purchased five self-storage facilities in major U.S. markets.
Pending legal and government approvals, Rosewood Property didn’t divulge the locations of the acquired properties. Financial terms and other details weren’t available.
“The markets in which we made these latest acquisitions were all target markets for our portfolio and represent important additions to our expanding presence in the self-storage sector,” says Bill Flaherty, president of Rosewood Property.
The newly acquired facilities include new multistory, climate-controlled facilities as well as traditional climate-controlled facilities featuring drive-up access.
Local investors owned all five of the facilities, Flaherty says.
“It was time for the ownership of those facilities to monetize their investments,” he says.
Since mid-2016, Rosewood has purchased self-storage facilities in the Austin, TX; Indianapolis, IN; and Seattle, WA, metro areas, as well in Southern California, in deals valued at more than $100 million. Those projects represent 625,000 rentable square feet and more than 5,700 units.
Rosewood Property now owns a portfolio of 41 self-storage projects in 11 states with nearly 3.2 million rentable square feet and more than 25,000 units.
In addition, Rosewood Property is developing multistory self-storage projects in Denver, CO, and Portland, OR.
“We continue to focus on additional acquisitions, in multiple targeted markets, as well as maximizing the value of our existing properties through active management,” Flaherty says.
Rosewood Property is a wholly owned subsidiary of The Rosewood Corp., whose other holdings include office, multifamily, industrial and land assets.
A self-storage facility in Orlando, FL, has changed hands. An unidentified private investor sold Private Storage, at 4601 S. Orange Blossom Trail, to an unidentified private investment firm. The facility, with 51,375 rentable square feet, is now branded as Extra Space Storage.
The facility, featuring 443 drive-up units, is at Southgate Shopping Center, which is anchored by Aldi, Aaron’s and AutoZone stores. Michael Mele and Luke Elliott, both of commercial real estate brokerage firm Marcus & Millichap in Tampa, FL, brokered the deal on behalf of the buyer and seller.
“This transaction demonstrates the self-storage industry’s continued consolidation as major players purchase smaller properties in both the nation’s primary and emerging markets,” Mele says.