U-Haul Acquires Upstate NY Facility

U-Haul has expanded its footprint with the acquisition of the company’s first self storage facility in Webster, N.Y. Christa Construction sold the former Life Storage asset for $11.5 million, Yardi Matrix data shows.

According to the same source, the 84,120-square-foot property was subject to an $8.1 million construction loan in 2021. Tristate Capital Bank provided the financing, which has a 2025 maturity date.

Completed in 2022, the Class B property encompasses 640 units across a three-story building and nine single-story buildings. The facility sits on 6 acres and offers non-climate and climate-controlled units, ranging between 15 and 300 square feet. Amenities include contactless renting, video surveillance, on-site manager, moving trucks and trailers, as well as boxes and moving supplies. The property also has RV and boat storage space.

Located at 1039 Ridge Road, the property is less than 14 miles from downtown Rochester and has access to the Irondequoit – Wayne County Expressway. The facility is one of the six available within a 3-mile radius, offering residents 6.2 rentable square feet of storage space per capita. According to Yardi Matrix research, U-Haul owns three other self storage facilities in the Rochester market, bringing the company’s total footprint in the area to 242,000 square feet.

Since the beginning of this year, U-Haul has expanded its portfolio through the development of multiple self storage properties. Among its latest projects is U-Haul Moving & Storage of Veterans Parkway, a 1,400-unit facility in Sioux Falls, S.D., scheduled for completion in early 2025.