A recent article in the Washington Post indicated several signs that the economy in the United States is still slowly recovering. Because home foreclosures have dropped, the housing market is moving and sales are up. Loans have been repaid. Personal finances have improved. People are more willing to eat out, shop, or go on a vacation. Businesses are expanding. And Storage Post self storage is part of the upward swing in the economy.
Storage Post announced the purchase of a self storage property in Pelham, New York. They purchased the property from the publicly-traded real estate investment trust Acadia Realty Trust. Storage Post has managed the facility since 2010. Storage Post will operate the 76,000 square foot facility under the Storage Post brand. This is the thirteenth asset closed with Acadia Realty Trust since December 2012.
“This profitable sale transaction not only enabled us to achieve best execution on our investment but also positions Storage Post to become the premier, private self-storage operating company in the United States,” commented President and CEO of Acadia Realty Trust Kenneth Bernstein. “The current Storage Post management team, led by the exceedingly-capable self-storage entrepreneur Bruce Roch, Jr., has done an excellent job maximizing occupancy, growing NOI, and positioning the portfolio for strong internal growth going forward.”
The property in Pelham has climate controlled units, 24-hour video recording security, a secure coded entry, individual unit door alarms, and on-site parking.
Roch indicated that their focus as a company is to increase the efficiency of their facilities and increase occupancy rates. He also wants to provide positive investor returns and maximum value.
Bruce Roch, Jr. Storage Post CEO, and his acquisition team have been busy lately. They have purchased 15 self storage facilities over the last two years. These purchases have been in Louisiana, New York, and New Jersey. They recently acquired newly-renovated facilities in Long Island, Yonkers, and New Rochelle.
Storage Post is headquartered in Atlanta, Georgia, and has been in business since 1989. Their leadership team has more than 55 years of experience in the self storage industry. The company is actively looking toward growing their portfolio through purchasing existing regional self storage companies throughout the United States. Currently, their portfolio includes properties along the east coast and throughout the south.
“Storage Post Purchases Pelham Self Storage Facility from Acadia Realty Trust.” PRNewswire; 9 May 2013.
“U.S. economy shows signs of strengthening.” The Washington Post; 24 March 2013.