Harrison Street Acquires Southeast Self Storage Portfolio for $200M
By Andrew Coen August 16, 2024 12:30 pm
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Harrison Street is scaling its self-storage portfolio with a $200 million acquisition of 19 new assets across the Southeast U.S. , the investment firm announced Thursday.
The off-market transaction involves properties in Florida, Georgia, Alabama and North Carolina totalling 1.4 million square feet. The acquired buildings include more than 12,000 self-storage units with an average 90 percent occupancy across the portfolio.
“We are thrilled to expand our presence in key markets across the Southeast benefiting from strong population and income growth, heightened customer demand and favorable demographics,” Mike Gordon, global chief investment officer at Harrison Street, said in a statement.
The specific properties included in the deal were not immediately available.
Reliant Real Estate Management, a self storage partner of Harrison Street, will manage the 19 properties. Harison and Reliant currently own and operate 65 self storage properties as part of a joint venture partnership.
Chicago-based Harrison Street has invested more than $3.5 billion in around 322 self-storage assets in North America since forming in 2005, according to the company. Harrison Street, which focuses heavily on alternative CRE sectors, has executed realized investments on self storage properties equating to s $1.7 billion gross transaction volume on 163 assets, the firm said.
Andrew Coen can be reached at acoen@commercialobserver.com
