Real estate developer Ziff Properties Inc. has acquired Absolute Storage in Simpsonville, S.C., for $4.5 million from Absolute Storage LLC, a locally owned business. The property at 412 Scuffletown Road comprises 45,530 square feet of storage space. Ziff plans to add 23,175 square feet of storage in 314 new units. Once complete, the property will contain 627 units.
“This marks our sixth self-storage acquisition in South Carolina’s upstate,” said Christian Chamblee, chief operations officer and director of acquisitions for Ziff. “We are excited to set our expansion plans into motion and provide Simpsonville with another class-A storage option.”
Earlier this month, Ziff purchased the 52,000-square-foot Buncombe Plaza shopping center in Greenville, S.C., with the intent to convert it to self-storage. Construction is expected to begin in the spring.
Ziff Properties, which specializes in shopping centers and other multi-tenant commercial real estate, owns approximately $250 million in shopping centers throughout the Southeast. Since 1991, the company has purchased more than 5.1 million square feet of light-industrial, office, retail and storage properties, per its website. It has assets in Florida, Georgia, Indiana, North Carolina, South Carolina, Tennessee and Virginia.
Sources:
- GSA Business Report: Ziff Properties Inc. Acquires Simpsonville Storage Facility
