Harrison Street acquires 26 Midgard self-storage facilities



Harrison Street, an investment management firm specializing in alternative real estate assets, has acquired 26 Midgard Self Storage facilities in six states from Reliant Real Estate Management LLC. Together, the properties comprise nearly 2.7 million rentable square feet in 18,765 units, according to a press release.

The purchase includes nine facilities in Florida, eight in South Carolina, five in Tennessee, two in Georgia and one each in Arkansas and North Carolina. They will continue to operate under the Midgard Self Storage brand and be managed by Reliant.

“We are delighted to deepen our presence in the self-storage industry with the largest portfolio transaction in our company’s history. Self-storage has been at the heart of Harrison Street’s investment strategy since its inception, driven by the demand for life changes, with less correlation to economic events, ”said Michael Gordon, Director of Investments at Harrison Street. “We are delighted to build on our partnership with Reliant, a leading operating partner, to capitalize on consolidation opportunities in markets supported by growing and affluent populations. We look forward to continuing to work with Reliant to leverage our strong expertise in the self-storage industry and identify attractive and demographic self-storage investments.

“The fragmented self-storage industry offers enormous opportunities for consolidation, particularly in secondary markets with high population growth,” said Todd Allen, Managing Director of Reliant. “We are delighted to continue our long-standing partnership with Harrison Street to acquire, operate and reposition these various self-storage assets. “

Founded in 2005 and based in Chicago, Harrison Street has invested more than $ 2.3 billion in self-storage in 23 US states and three Canadian provinces. With offices in London and Toronto, the company manages $ 39 billion in assets.

Founded in 2010 and headquartered in Roswell, Georgia, Reliant operates 59 facilities in eight states under the Clover Basin Self Storage, Englewood Storage Center, Midgard and Storesmart Self Storage brands.

Source:
Multi-unit news, Harrison Street JV buys 26 self-storage properties


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