Three former real estate brokers who specialized in self-storage transactions have launched City Line Capital LLC to acquire and manage self-storage assets across the United States. Matt Hardiman, Rick Schontz and Matt Weckesser formed City Line in partnership with CSG RE, the real estate acquisition arm of New York investment bank CSG Partners LLC. The group intends to acquire $200 million in self-storage property this year, according to a press release.
Hardiman, Schontz and Weckesser were formerly brokers with commercial real estate company HFF (Holliday Fenoglio Fowler LP). Hardiman will serve as senior acquisitions analyst of City Line, while Schontz will be managing partner and Weckesser will be director of acquisitions.
“The experience and deep industry relationships that our team possesses will allow City Line Capital to immediately and aggressively place significant capital within the U.S. self-storage market,” Schontz said. “Our team is very excited to partner with Alex Meshechok and CSG Partners; and together, we expect to be one of the country’s most active buyers in 2017.”
Since 2012, CSG RE has facilitated investment in more than 65 self-storage properties worth more than $500 million. Meshechok is managing director of CSG Partners and will also serve as managing partner of City Line. Collectively, the City Line partners have been involved in more than $2 billion in self-storage transactions across the United States and have more than 30 years of industry experience, the release stated.
“We look forward to continuing our work in the self-storage space, and significantly increasing our activity as we grow,” Meshechok said.
Founded in 2001, CSG Partners is a boutique investment bank catering to “middle-market companies and owners,” according to its website. It specializes in capital advisory services, employee stock ownership plans, and mergers and acquisitions.
Based in Philadelphia, City Line is a real estate investment firm specializing in self-storage assets. Its acquisition criteria include assets in primary and secondary markets of at least 40,000 square feet, though smaller properties may be considered if they offer expansion opportunities, according to the company website.
Sources:
- City Line Capital: Website
