Storage Post Purchases Pelham Self Storage Facility from Acadia Realty Trust
Well-positioned asset to remain under the Storage Post industry brand
ATLANTA, May 9, 2013 /PRNewswire/ -- Storage Post Self Storage today announced the purchase of a self storage property at 858 Pelham Parkway in Pelham, New York from publicly-traded real estate investment trust (REIT) Acadia Realty Trust. Storage Post has managed the 76,000 square foot facility since 2010, and will continue to operate it under the Storage Post brand.
Storage Post CEO Bruce Roch, Jr. is an industry veteran and leader in self storage innovation. Within the last two years, Roch and his acquisitions team have purchased 15 self storage facilities within New Jersey, New York and Louisiana. Recently-acquired properties include the newly-renovated buildings in Long Island City, Yonkers and New Rochelle.
"This profitable sale transaction not only enabled us to achieve best execution on our investment but also positions Storage Post to become the premier, private self-storage operating company in the United States," commented President and CEO of Acadia Realty Trust Kenneth Bernstein. "The current Storage Post management team, led by the exceedingly-capable self-storage entrepreneur Bruce Roch, Jr., has done an excellent job maximizing occupancy, growing NOI, and positioning the portfolio for strong internal growth going forward."
The Pelham location features climate controlled storage units, 24-hour video recording, secure coded entry and on-site parking. The facility is the thirteenth asset closed with Acadia Realty Trust since December 2012, with one property transaction still pending. The closing of the final sale is subject to customary conditions and no assurance is given that Storage Post will complete this transaction.
Roch adds, "Our partnership with Acadia Realty Trust has been mutually beneficial and we've enjoyed working with them to increase the efficiency and occupancy of the self storage portfolio. We're excited to grow and add to our existing locations, all while continuing to provide positive investor returns and maximum value."
Storage Post actively pursues growth opportunities through the acquisition, redevelopment and management of existing self storage properties. The company targets both single property and portfolio transactions and is looking for existing self storage real estate opportunities nationwide. Storage Post also selectively considers management opportunities for owners seeking increased operational value and investment returns.
About Storage Post
Headquartered in Atlanta, GA, Storage Post is a leading self storage company that focuses on quality products, operational excellence and positive customer service. Storage Post has locations along the East Coast and throughout the South, and is actively pursuing self storage acquisitions. For more information on Storage Post, visit www.storagepost.com.
SOURCE Storage Post Self Storage
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