Self-storage real estate investment trust Life Storage Inc. and a joint-venture partner have acquired three Space Shop Self Storage properties in Metro Atlanta from Stein Investment Group, a private real estate investment firm. Totaling more than 300,000 square feet of storage space, the facilities are in Atlanta, Cumming and Marietta, Ga., according to a press release.
“Located in areas of high population growth with above-average income levels, these three self-storage assets are extremely well-positioned for continued success,” said Jeffrey L. Stein, founder and principal of Stein Investment. “We fully capitalized on a supply and demand imbalance that existed—and still exists—within very specific submarkets.”
Stein Investment acquired the 90,000-square-foot Cumming storage property in 2015. The company added 13,000 square feet of storage space and re-branded the property as Space Shop as part of a $2 million redevelopment. In addition, the façade was updated, a new leasing office was added and the operational systems were upgraded. Today, the 103,700-square-foot facility contains 800 units. The property opened in the late 1980s as Quality Self Storage.
In 2014, Stein Investment developed Space Shop at 3148 Johnson Ferry Road, a primary commercial corridor in Marietta, Ga. Formerly home to a gas station, the site required remediation and removal of underground storage tanks. The 93,000-square-foot facility was completed in 2014 and includes climate-controlled units as well as wine storage.
Stein Investment also developed the Space Shop at 486 Decatur St. in Atlanta’s Old Fourth Ward District. Formerly home to a dilapidated commercial building, the site required remediation of environmental contamination as part of development. Construction was completed in 2014. The five-story site comprises 110,000 square feet of storage space, featuring access control and covered loading.
Based in Buffalo, N.Y., Life Storage operates 675 self-storage facilities in 29 states under the Life Storage and Uncle Bob’s brands. Its portfolio of owned and managed facilities comprises more than 45 million square feet.
Headquartered in Atlanta and founded in 2012, Stein Investment has developed, managed and sold more than 1.75 million square feet of self-storage space. Its current portfolio includes approximately 1.2 million square feet of self-storage, with nearly 600,000 square feet under development in Georgia and North Carolina.