Elite Stor Capital Partners Expands "Storage Rentals of America" Brand with Multiple Acquisitions
Multi-state transaction includes first locations in South Carolina
12 Jan, 2016, 08:15 ET
WEST PALM BEACH, Fla., Jan. 12, 2016 /PRNewswire/ -- Elite Stor Capital Partners LLC, an equity investor focused on the self-storage industry, today announced the purchase of seven additional properties across three states, including the company's first expansion of its Storage Rentals of America brand into South Carolina. The single transaction involved six different sellers, and adds nearly 500,000 sq. ft. of self-storage facilities to Elite's growing portfolio. The deal, part of a robust acquisition plan by Elite, includes properties in Florida, Kentucky and South Carolina.
"We have been extremely fortunate to work with private sellers who appreciate the professionalism and guidance Elite offers in the underwriting, closing, and operational takeover throughout the transaction," says Elite Stor General Counsel, Beau Raich.
The transaction was funded through $7 million in equity by Elite partners, and a $13 million debt piece provided by Cantor Commercial Real Estate, which was led by Sean Reimer. This closing completes a strong year for Elite, which is poised to execute on its vigorous acquisition pipeline for 2016. One of Elite's goals for 2016 is to continue to build its reputation with self-storage owners who are looking to maximize their profit from a sale or exchange.
"Elite Stor CEO Benjamin Macfarland has assembled a high-quality team who is not only prepared to execute on any transaction but also to navigate the uncertainty of the capital markets as the Fed looks to raise rates," says Elite Stor CFO Sheila Reinken.
Elite has its first ground-up development project planned for 2016 and looks to grow the development pipeline significantly, further utilizing the talent of recent hire John Judd, Elite's Head of Construction. Judd has built more than 40 facilities with his previous employer.
About Elite Stor Capital Partners
Elite Stor Capital Partners is a real estate investment company focused on the acquisition and development of self-storage properties as well as direct equity investments with developers and operators across the country possessing a proven track record in self-storage.
More information can be found at www.elitestorcapitalpartners.com
SOURCE Elite Stor Capital Partners
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