Public Storage Buys Atlanta-Area Facility
Matthews oversaw the all-cash transaction.
Public Storage has acquired a 70,907-rentable-square-foot Class A self storage facility in Newnan, Ga., for $10 million, according to public records.
Atlanta-based Turnstone Group was the previous owner of the 2022-built property, Yardi Matrix shows. Matthews Senior Vice President & Director Austin McLeod represented the seller.
Turnstone sold the facility to free up money for another development. The all-cash transaction closed following a 43-days escrow period.
Located at 65 Diplomat Parkway on 3 acres, the three-story facility has access to Interstate 85. Atlanta is roughly 37 miles northeast of the property.
There are six other self storage facilities in the area, providing residents with 13.8 net rentable square feet per capita. Public Storage manages two more assets within 2 miles of the newly-purchased one—the 113,220-rentable-square-foot Public Storage at 340 Millard Farmer Industrial Blvd. and the 108,351-rentable-square-foot Public Storage at 184 Doc Turner Way.
READ ALSO: What’s Shaping Self Storage’s Next Investment Cycle?
The Public Storage Facility at Newnan comprises 613 climate-controlled units ranging from 24 to 400 square feet. Amenities include parking, video surveillance, gated access and on-site management.
Fewer move-outs lift REIT results
Self storage industry trends show that fewer move-outs, rather than stronger demand, drove the improved second-quarter results for REITs, the latest Yardi Matrix report notes. Higher occupancy, growth in in-place rents and stronger revenue growth contributed to a better performance.
Weighted-average revenue growth went up 10 basis points from the first quarter to 0.7 percent. Meanwhile, occupancy also gained 10 basis points, while in-place rents increased 0.5 percent, the same report shows.
