Wasatch Storage Partners (WSP), a Utah-based real estate investment firm specializing in self-storage acquisitions, development and property management, has acquired Albany SuperStorage in Albany, N.Y., for $5.9 million. The company purchased the property at 44 Broadway through its affiliate, WSP Albany LLC. It secured $3.72 million in financing from TCF National Bank in Minnesota.
Real estate developers Gerry L. Gauer and Marc Paquin, operating as 44 Broadway Realty LLC, bought the 90,000-square-foot building from a home-cleaning product company for $150,000 in 2004. They invested more than $2 million to convert it to approximately 650 storage units in 2012, the source reported.
Based in American Fork, Utah, WSP has been involved in more than 250 self-storage assets and about $1 billion in storage acquisitions and development projects, according to its website. The company also offers self-storage consulting services.
Sources:
- Albany Business Review: Downtown Albany Self-Storage Sells for $5.9 million
- Wasatch Storage Partners: Website
