A group of California investors led by FollettUSA, an owner of manufactured-home communities, has purchased Firehouse Self Storage in Loveland, Colo., for $22.2 million, from the Burton Family. The property at 2600 S. Lincoln Ave. sits on 24 acres and contains 1,235 storage units. It carries a firehouse theme and has seven fire trucks on the site, five of which were purchased by FollettUSA, according to the source.
FollettUSA used the entity Firehouse SS Investors LLC in the transaction. Other investment groups involved in the deal include Richmond-Firehouse No. 1 LLC and Richmond-Firehouse No. 2 LLC, based in Alamo, Calif.; and Razorback-Firehouse No. 1 and Razorback-Firehouse No. 2, of Orinda, Calif., the source reported.
Chris Burton represented the family, which includes wife Barbi and parents Jan and Don Burton, in the transaction. The facility wasn’t for sale, but the Burtons were approached by three national self-storage companies with bids, said Chris Burton, who’s managed the property for the past five years with his wife. It was recently featured in “Inside Self-Storage,” a monthly magazine for industry professionals, in an article focused on theme-based facility design.
The Burtons are developing a second self-storage facility in Longmont, Colo., near Vance Brand Municipal Airport. Situated on a 43-acre parcel at the intersection of Airport Drive and Rogers Road, it will resemble a 1900s firehouse and carry the theme throughout. The Burtons plan to donate seven acres of the property to the city for a dog park. Construction of the first phase, which will include 9 acres, begins in July. Phase two will contain 7 acres, the source reported.
Based in Sacramento, Calif., and founded in 1989, FollettUSA began purchasing and operating storage facilities in 2003. The company owns or operates 30 manufactured-home communities in 10 states and nine self-storage facilities in California and Utah.
Source:
BizWest, California Investors Pay $22.3 Million for Firehouse Self-Storage
