Prestige Storage JV Buys 12-Property Portfolio
In a partnership with Peaceable Street Capital, the company has expanded its footprint in Western Michigan.
Prestige Storage, in partnership with Peaceable Street Capital, has acquired a 12-property self storage portfolio in Western Michigan. The facilities, encompassing a total of 490,302 square feet, were sold by Spring Lake Storage LLC. According to county records, the previous owner also provided a $20.3 million acquisition loan.
Prestige Storage, founded in 2016, owns a portfolio of more than 50 storage facilities in seven states, encompassing 2.4 million rentable square feet.
The 12 properties feature a combined 2,956 non-climate and climate-controlled units, ranging from 50 to 300 square feet. The Prestige Storage facilities include on-site amenities such as drive-up units, keypad access, video surveillance and gated access. Principal of Prestige Storage Cory Bonda stated in prepared remarks that the company plans to expand the properties and add more than 100 outdoor parking spaces for boats, RV and trucks.
The 12 storage facilities are located in five Michigan cities including Muskegon, Fruitport, Spring Lake, Kent City and West Olive, all West and North of Grand Rapids. The properties have access to State Route 46 and Interstate 96.
As of April, 12 storage properties traded in the Cedar Rapids market in the last 12 months, totaling 642,556 square feet, Yardi Matrix data shows.
Two self storage transactions closed in Michigan recently: U-Haul acquired a 41,600-square-foot facility in Lansing, while a 122,900-square-foot property traded in Grand Rapids.