Best Self Storage (BSS), a Southern California-based entrepreneurial group, acquired the 21-property U-Stor-It portfolio in Arkansas, New Mexico and Texas. The facilities, which comprise 563,000 square feet, are the first purchase made by BSS in the self-storage market, according to a press release from the Argus Self Storage Sales Network (ASSSN), a national network of real estate brokers, which helped broker the deal.
The properties will continue to operate under the U-Stor-It brand name, though they’ll be managed by Argus Professional Storage Management (APSM), a third-party management firm. The portfolio offers value-enhancement opportunities through facility expansion, occupancy growth and revenue management, the release stated.
BSS was represented in the transaction by Peter Pappageorge and Doug Shea, both affiliates of ASSSN and brokers with INCO Commercial, a real estate services firm.
APSM provides development-consulting and third-party management services for 80 self-storage facilities in 11 states. Its managed portfolio comprises about 4.2 million square feet.
ASSSN is a Denver-based network of real estate brokers who specialize in storage properties. Formed in 1994, the company has 38 broker affiliates covering nearly 40 markets.
BSS is led by president Robb Kone, who has more than 15 years of experience in the self-storage industry, according to the release.
