Canadian real estate investment firm Avenue Living Asset Management has acquired a portfolio of 11 Metro Self Storage properties through its Mini Mall Storage Properties (MMSP) Trust from Metro Storage LLC, which owns and operates eight assets in four states. The facilities are in Georgia, Illinois and Minnesota, according to sources. The properties include:
7454 Douglas Blvd., Douglasville, Georgia
1855 Azalea Drive, Lawrenceville, Georgia
2220 Lawrenceville Highway, Lawrenceville, Georgia
60 Lake St., Melrose Park, Illinois
520 Colfax St., Palatine, Illinois
The MMSP Trust has acquired approximately $500 million in assets across multiple U.S. markets, with significant expansion in the Sunbelt. It focuses on acquiring legacy-run properties in largely unconsolidated markets with strong fundamentals, and leverages automation and technology to improve service and profitability, according to a press release.
Related:Creative Connections: A Self-Storage Investor’s Unique Approach to Acquisitions
Calgary, Alberta-based Avenue Living focuses on investments in farmland, self-storage and workforce housing. Its self-storage portfolio includes more than 240 Mini Mall facilities comprising 10 million square feet that are valued at more than $2 billion. The company has offices in 20 states and seven Canadian provinces with more than 1,000 employees and $8.5 billion in total assets under management.
Metro Storage is a privately owned international company specializing in the acquisition, construction, development and management of self-storage facilities in Central America and the United States. It’s owned by Metro Storage International, whose affiliates operate properties in Costa Rica, the Dominican Republic, Guatemala and El Salvador under the Mr. B's brand name.
Sources:Avenue Living, Avenue Living Surpasses $8.5 Billion in AUM, Celebrates Record Year of Growth and Strategic AcquisitionsCo-Star, Canadian Investor Snaps Up US Self-Storage Portfolio
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