VanWest Partners Buys Self Storage Portfolio in North Carolina
- Jul 22, 2021
VanWest Partners has purchased a two-property self storage portfolio in North Carolina from a private investor. The facilities in Shelby and Hickory total 219,000 net rentable square feet and offer 1,570 units combined. According to Yardi Matrix data, the company paid $11.7 million for the larger Shelby property, with the acquisition price for the entire portfolio amounting to $13.3 million.
The properties will be rebranded under the company’s ClearHome Self Storage management portfolio.
Located at 1634 S. Lafayette St., on roughly 10 acres, the Shelby facility encompasses 22 single-story buildings. The 137,605-net-rentable-square-foot property comprises units ranging from 25 to 300 square feet, including climate-controlled storage spaces, plus RV and boat parking spots.
The Hickory facility sits at 1970 Briarwood Drive and spans 42,300 gross square feet. Units range between 50 to 300 square feet and include climate-controlled storage spaces as well as 160- to 300-square-foot RV and boat parking spots.
The transaction was completed through the company’s VanWest Self Storage Fund II, which was deployed for the acquisition of nine self storage facilities since the start of the year. Van West Partners’ portfolio now includes assets across Florida, Michigan, Ohio, and North Carolina.
Earlier this year, VanWest Partners expanded its footprint with the purchase of five self storage facilities in Michigan, including two properties in Detroit and three facilities in Grand Rapids.