Update 1/17/14 In addition to the seven facilities the company acquired in the Minneapolis market, Pegasus Group recently purchased a facility in Portland, Ore. Located in the Pearl District, the property comprises 68,646 net rentable square feet, including 6,100 square feet of ground-level business storage space with retail storefronts. The facility, rebranded Central Self-Storage Portland, has 823 climate-controlled units.
The seven Minneapolis facilities have been renamed Central Self-Storage Bloomington, Central Self-Storage Edina, Central Self-Storage Hutchinson, Central Self-Storage Lakeville Dodd, Central Self-Storage Lakeville Premier, Central Self-Storage Minneapolis and Central Self-Storage New Hope. The portfolio totals 442,239 net rentable square feet, including 30,004 square feet of commercial space and 71,496 square feet for future expansion. Property features include climate controlled and RV/boat storage.
Self-storage management company Pegasus Group has entered the Minnesota market, buying seven storage facilities from Hopkins, Minn.-based Jacobs Management Corp. The company paid $41.5 million for the propertiessix in the Twin Cities and one in Hutchinsonaccording to "Finance & Commerce." The deal closed last week.
Jacobs reportedly kept one facility that operates as Minneapolis Storage Centers, at 2845 Harriet Ave. S. It spent 17 years assembling the portfolio, an official said.
Based in Walnut Creek, Calif., and founded in 1988, Pegasus Group is a real estate investment and management company specializing in self-storage investments. The company owns and operates approximately 60 properties throughout the United States through individual ownership structures. Its current portfolio primarily includes facilities that are operated and managed under the Central Self-Storage brand name.
Sources:
- Minneapolis/St. Paul Business Journal: Who's got your stuff? Portfolio of storage units sells for $41M
- Pegasus Group: Company Website
