Investment Real Estate LLC (IRE), a property-management and consulting firm that also owns self-storage facilities under the Moove In Self Storage brand name, is in the process of bringing in an unidentified private-equity partner to help the company acquire up to $200 million in self-storage properties in the mid-Atlantic region within the next two years, according to the source. Although the equity partner will share in IRE profits, the company will continue to manage its own portfolio.
"I've had private equity chasing me for years," John Gilliland, president and CEO of IRE, told the source. "I have pushed away. Now I want to get much bigger."
Although outside investors frequently focus on large self-storage markets, there’s interest in small markets, Gilliland said. IRE has recently made multiple offers to buy properties, including assets in Central Pennsylvania, the source reported.
Founded in 1997, Moove In operates facilities in Baltimore County in Maryland; Huntingdon, Lancaster and York Counties in Pennsylvania; and Sussex County in New Jersey. The properties are managed by Investment Real Estate Management LLC, a branch of York, Pa.-based IRE. Since its inception in 1998, the company has provided brokerage, construction, development and management services to facility owners and investors.
Sources:
- Central Penn Business Journal: Investment Deal Could Boost Local Self-Storage Firm
