US Storage Centers Acquired a Self Storage Facility in Delray Beach, Florida

Posted on Jun 12 2014 - 8:05pm by Winnie Hsiu

Earlier this week, US Storage Centers announced that they purchased a self storage facility in Delray Beach, Florida. The facility has 568 units and over 49,000 square feet of rentable space. It is located at 1425 SW 10th Street.

“We are very excited about this acquisition because of the opportunity to add value through revenue management and marketing,” said Drew Hoeven, VP of Acquisitions for US Storage Centers. “This marks our sixth acquisition within the Miami MSA and really adds to our local scale and brand. Currently we are in negotiations on two other acquisitions within the area as well and hope to close them by the end of Q3.”

The company’s President and CEO, Charles Byerly, states “with our long-term outlook, we believe this property fits very well strategically within our portfolio. It has all of the right fundamentals in place and we were able to achieve some downside protection through acquiring the property at an above average cap rate.”

US Storage Centers is also a founding partner of Kure-It, which is a non-profit organization that funds kidney cancer research. The US Storage Centers that participate in fund raising activities provide a 100% match to donated funds. To date, Kure-It has raised over $2.5 million dollars.

The idea to create Kure-It evolved when Barry Hoeven, founder of US Storage Centers, was diagnosed with kidney cancer while on a family vacation. (He’s been battling the disease for over 15 years.)

As Hoeven researched his disease and spoke with prominent specialists, he discovered that there was a big gap between the number of people who have kidney disease and the amount of funding and the amount of research being done to find a cure. That’s why he decided to see what he could do to help raise money for the research.

US Storage Centers also participates in Charity Storage. This is where a storage facility donates the use of a vacant storage unit to local charities for their fundraisers. Then, a portion of those proceeds are donated to Kure-It. Charity Storage has donated almost $200,00 to Kure-It.

Founded in 1985, US Storage Centers currently owns or manages over 70 facilities in 12 states. As of April this year, they have over 5.1 million rentable square feet. They are the 10th largest self storage operator in the United States.

Sources Used:

“US Storage Centers Today Announced It Has Completed the Acquisition of a 49,124 sq. ft. Self Storage Facility Located in Delray Beach, Florida.” PRWeb; 6 June 2014.

US Storage Centers.