Self Storage Plus Expands Mid-Atlantic Portfolio
The acquisition follows an eight-property portfolio buy in September.
Arcland Property Co. has acquired a 78,446-rentable-square-foot Class A self storage facility in Fredericksburg, Va., from Graham Real Estate. Self Storage Plus, Arcland’s sister company, was tapped to manage the recently built asset, bringing its management portfolio to 51 properties.
In 2018, the former owner benefited from a $6 million loan for the construction of the property. Union Bank & Trust provided the financing, according to data from Yardi Matrix. Before the sale, My Storage was the manager of the asset.
Spanning across nearly 2.4 acres, the asset encompasses four three-story buildings and offers both climate-controlled and non-climate-controlled units, as well as RV and boat parking. Storage spaces range from 25 to 300 square feet, with drive-up access for ground-floor units. Other amenities include a drive-around aisle and keypad access.
Located at 9600 Cosner Drive, some 10 miles south of Fredericksburg’s core and less than 3 miles from Interstate 95, the property is one of the nine facilities within a 3-miles radius. The residential area has 14.4 square feet of storage space per capita, more than double the national per-person average. Still, the asset is the only property completed this year, with most facilities in the area dating from the mid-2000s.
Growing the portfolio
Arcland Property Co. has been active in the self storage market. In September, the company joined forces with ASB Real Estate Investment to acquire a roughly 595,000-square-foot self storage portfolio from Chesapeake Resources. The eight properties across Virginia and Maryland became part of the Self Storage Plus brand.
In June, the management company opened a Class A, drive-through facility in a former printing plant in the Baltimore area. The asset has 136,000 rentable square feet.