For the last several years, Los Angeles-based Clutter has made a name for itself as a leader in the burgeoning “on-demand storage” industry and a disruptor of the traditional self-storage industry.

Now the company has announced a bold, new strategy: it is expanding into the traditional self-storage space.

“In the spirit of saying ‘yes’ more, we are proud to offer self-storage services to customers who need local access and want to know their belongings are close at hand,” said Ari Mir, co-founder and CEO of Clutter.

Clutter purchased the four-facility Storage Fox portfolio in New York for $152 million. The portfolio offers about 500,000 square feet of storage space combined across its locations in Brooklyn, Long Island City, White Plains and Yonkers. The transaction was funded  by a $116 million floating-rate- mortgage loan from Colony Credit Real Estate, Inc.

“This hybrid strategy of self-storage and on-demand storage has been our vision from the beginning. It represents an exciting milestone in our long-term strategic plan to create a platform for people to manage their belongings,” Mir said.

Clutter was founded in 2013 as an on-demand storage service which picks up customers’ items and takes them to a secure off-site warehouse until the customer requests the return of the items. To date the firm has raised nearly $296 million in private capital, with the bulk coming from a $200 million investment in February that was led by Softbank Vision Fund.

This Long Island City location is one of four facilities purchased by Clutter in New York.

In a blog post, Mir lays out the rationale for expanding into the traditional self-storage industry:

Clutter will rebrand the Storage Fox facilities by November 2019.

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