Arcland Expands Virginia Storage Portfolio

Self Storage, Stafford, Va.

Arcland Property Co. has acquired a 943-unit self storage facility in Stafford, Va., from Dominion Capital Partners, Yardi Matrix data shows. The 95,769-square-foot asset traded for $18.6 million, according to Stafford County records.

According to Yardi Matrix, the sale was subject to a $13.5 million loan provided by Fulton Bank. In 2019, Sandy Spring Bank originated $8.6 million in construction financing for the project.

Located at 1163 Garrisonville Road, the Class A property operates under the Self Storage Plus brand. The development was completed in 2020 and includes three buildings across 7.2 acres. The three-story facility offers non-climate controlled and climate-controlled units, ranging from 20 to 300 square feet. On-site amenities include 24-hour video surveillance, electronic gate access, indoor vehicle storage and carts.

The property is situated within 45 miles from Washington D.C. According to Arcland CEO Noah Mehrkam’s prepared remarks, the facility extends the company’s presence along the I-95 corridor, from Woodbridge to Fredericksburg, Va. The property is also one of the three facilities within a 3-mile radius, offering residents 14.7 rentable square feet per capita.

Last month, Arcland added two other self storage facilities to its metro D.C. portfolio, with the acquisition of properties in Kensington, Md., and Alexandria, Va. Managed by Self Storage Plus, the assets total 3,100 units across approximately 281,000 rentable square feet. The company owns more than 50 self storage facilities in the Mid-Atlantic and Southeast U.S., with 15 projects in various stages of development.