Metro Storage LLC has recently expanded their self storage portfolio. They purchased three Georgia Self Storage facilities that are in the metro Atlanta, Georgia, area. Metro Storage currently has 9 other facilities in that area.
The addition of these facilities significantly increases how much space they have. The purchase adds 230,435 more rentable square feet to the Metro Storage portfolio. It also adds 1,775 units. These facilities are considered ‘Class A’ facilities.
“The acquisition of these three quality self storage facilities fits well with Metro’s current Atlanta store portfolio and our overall strategic growth plans.” said Metro Storage LLC Chairman Matthew Nagel.
One facility is located at 6472 Highway 42 in Rex, Georgia. The property has seven buildings with climate-controlled units. There is also truck, boat, and RV storage space available.
The second store is at 2220 Lawrenceville Highway in Lawrenceville, Georgia. It also offers outside vehicle storage and climate controlled units.
The third facility is at 1935 Buford Drive in Lawrenceville, Georgia. It has the same features as the other two facilities.
“This is an exciting acquisition for us,” said Blair Nagel, CEO of Metro Storage LLC. “It will enable us to leverage our strong presence in the Atlanta market to maximize revenue and occupancy at the new stores while continuing to deliver an exceptional storage experience for our customers.”
When looking at properties to purchase, Metro has very specific criteria that they look for. One is that the value of the property has to be at least in the range between $5 million to $20 million. (It could be more than $20 million.)
Another aspect that they take into consideration is the size of the city the facility is in. Metro specifically focuses on metropolitan statistical areas that have the population of 1,000,000 or more.
And, the facility should have at least 50,000 square feet. If it happens to be a smaller facility, there needs to be the capacity to expand it to be larger.
Visibility is another big consideration. The facility has to be well-located and be visible from nearby major roads in the area.
Metro is the largest privately held national owner and management service provider in the country. They have been in business for 40 years. They have 78 locations in 11 states and serve approximately 75,000 customers annually and are headquartered in Lake Forest, Illinois.
“Metro Storage LLC Acquires Three Georgia Self Storage Properties in the Atlanta Market.” PRWeb. 6 2014.