Irvine, CA-based U.S. Storage Centers got an assist from Chicago’s Harrison Street Real Estate Capital during the company’s recent entry into the Minnesota market, which began with twin buys in the east metro.
U.S. Storage Centers announced Friday that it and Harrison Street had partnered up on the deals, which closed on Monday and commanded an aggregate purchase price of $27.88 million. The two paid $14.25 million for a 922-unit, 83,264-square-foot self-storage facility located at 1828 Buerkle Rd. in White Bear Lake, MN and almost $13.63 million for a 790-unit, 69,038-square-foot storage center at 9200 Hudson Blvd. in Lake Elmo, MN.
The seller of both centers was Wasatch Storage Partners of American Fork, UT. The two centers have been operated under the CubeSmart Self Storage brand, but will be rebranded as U.S. Storage Centers locations.
In a prepared statement, U.S. Storage Centers CEO and President Charles Byerly said the team was drawn to the properties by “the asset quality and both locations being located in underserved self-storage submarkets with strong demographics.”
He added that the two will continue to proactively look for growth opportunities.
According to U.S. Storage Centers’ website, the two Minnesota acquisitions are its only properties in the state so far. The company owns and operates self-storage sites across the country, and as of August 2017, it had about 8 million rentable square feet under its management.
Harrison Street is a real estate investment management firm that specializes in buildings that touch on the education, healthcare and storage sectors.
