Metro Storage acquired 15 self-storage facilities in three states from the Wichita Group for about $46 million.
The portfolio includes facilities in El Paso, Corpus Christi, Midland and Lubbock, Texas, and in Topeka and Wichita, Kan.
The Wichita Group is led by Morrie Sheets and Dan Carney, the founder of Pizza Hut. Ten years ago, the duo also franchised self-storage properties owned by Colby Sandlian, a minority partner in the Wichita Group. Under the name U-Stor, the group built 20 facilities, then later sold five, including two to Sandlian, who has a stake in facilities in 29 U.S. cities.
Founded in 1973, Metro Storage operates more than 75 facilities across the United States.
Sources:
- Wichita Business Journal: Wichita Group Closes on $46 Million Sale of Self-Storage Facilities
