British Columbia Investment Management Corporation Bets on U.S. Self Storage
Posted on 04/13/2022
QuadReal Property Group and Winter Garden, Florida-based Store Space Self Storage, a national vertically integrated self-storage operator, formed a strategic partnership which is capitalized to build a US$ 1 billion portfolio of self-storage assets. The companies share a long-term strategy focused on scaling a nationally diversified portfolio of institutional-quality self-storage assets across the United States in locations with strong demographic and migration trends.
QuadReal Property Group is the real estate unit of British Columbia Investment Management Corporation.
The partnership’s value-add and core-plus investment strategy was seeded with the US$ 200 million acquisition of a 13-property portfolio totaling over 9,000 units, or 1.1 million square feet. This portfolio includes a diverse mix of stabilized and recently developed self-storage assets in 7 states. Momentum continues to build with the subsequent closing of an off-market acquisition-expansion in New Jersey, and a significant acquisition pipeline.
QuadReal will commit the majority of the capital for the partnership and will leverage its extensive experience investing in alternative asset classes globally. As a vertically integrated self-storage operator, Store Space brings to bear in-house technology, full-service marketing/call center services, acquisition/development experience, and property management capabilities. The company was named the fastest-growing self-storage operator in the United States in 2021 by Inside Self Storage.
Advisors
Jefferies LLC acted as exclusive financial advisor to Store Space.
Acquisitions
On February 1, 2022, Store Space Self Storage disclosed it acquired 10 new properties across seven states. Highlighting the transactions were three properties in Florida, two in Wisconsin, and its first in North Carolina.
Notable among the facilities include:
Germantown, WI (N112W18518 Mequon Rd, Germantown, WI 53022)
Serving the northwest part of the Milwaukee metro, the property features 635 climate-controlled storage units and more than 94,000 net rentable square feet.
Menomonee Falls, WI (N92W15800 Megal Dr, Menomonee Falls, WI 53051)
Serving the most populous village in the state of Wisconsin, the property features 679 climate-controlled storage units and more than 92,000 net rentable square feet.
Brandon, FL (2711 Broadway Center Blvd., Brandon, FL 33510)
The sixth facility in the greater Tampa-St. Petersburg area, this facility offers 645 climate-controlled units and parking space, totaling 67,550 sq. ft.
Jacksonville, FL (10777 103rd St, Jacksonville, FL 32210)
The third property in the Jacksonville market, planned expansion at the existing facility will increase the location to approximately 800 units and 120,000 sq. ft.
Elon, NC (937 E. Haggard Ave., Elon, NC 27244)
The first Store Space location in North Carolina, planned expansion at the existing facility will increase the location to approximately 650 storage units and 53,000 net rentable square feet.
Store Space also took over management on additional facilities located in Gainesville, FL, Albany, GA, Columbus, OH, Buffalo, NY, and Hartford, CT. Since the start of 2021, Store Space has increased its footprint by 41 locations.
