Self Storage Capital Partners (SSCP), a real estate investment and management company, and its affiliates have purchased two self-storage facilities in Little Rock, Ark., for $5.2 million from Little Rock Self Storage LLC. SSCP Geyer Springs Rd LLC purchased the property at 8015 Geyer Springs Road for $3.16 million, while SSCP Leon Circle LLC bought the facility at 6100 Leon Circle for $2.09 million, according to the source. The deal was financed by a $7 million, five-year loan from Citigroup Global Markets Realty Corp. of New York.
The 4.88-acre Geyer Springs site encompasses 57,698 square feet of storage space. Built in 1988, the Leon Circle facility contains 55,565 square feet of storage space in 562 units as well as vehicle parking on approximately 3 acres of land.
Headquartered in Cordova, Tenn., Little Rock Self Storage acquired the two properties in January 2015 in separate transactions with its affiliate, Absolute Storage Management (ASM), a property-management firm. The Geyer Springs site, formerly Cubby Hole USA, was purchased for $2.35 million from Cubby Hole USA 2 Ltd. of Hallsville, Texas. The former U-Store-It Storage Solutions on Leon Circle was acquired for $1.7 million from Wood Stone Little Rock LLC, a limited-liability company based in Mount Kisco, N.Y. The facilities were rebranded as Little Rock Self Storage and managed by ASM.
Philadelphia-based SSCP is focused exclusively on the self-storage market. Its executives have more than 20 years of collective experience in acquiring, operating, repositioning and underwriting self-storage properties, according to its website.
Founded in 2002, ASM manages 88 self-storage facilities, 16 of which are owned and operated in joint ventures with the company. Headquartered in Memphis, Tenn., it has regional offices in Atlanta; Charlotte, N.C.; Jackson, Miss.; and Nashville, Tenn.
Sources:
- Arkansas Business: Tandem Self-Storage Sales Combine for $5.2 Million (Real Deals)
